Ex-New York City Mayor Eric Adams, known as the pro-crypto “Bitcoin Mayor,” launched the $NYC token on January 12, 2026, in Times Square via X. He pledged 70 percent of the token supply to a reserve wallet to support causes like fighting antisemitism, anti-Americanism, HBCUs, and youth scholarships. The memecoin quickly reached a $600 million market cap before plummeting over 80 percent to around $108 million, amid liquidity withdrawals and top wallets taking $1 to $2.5 million in profits. On-chain analysis revealed heavy concentration among early holders and red flags for potential rug pulls. Fake clones also appeared on Pump.fun, and Adams has remained silent since the crash, highlighting the risks of memecoins even with celebrity backing.
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