Ex-NYC mayor Eric Adams unveils memecoin that hits $580-mn market cap at peak, crashes 80% in a matter of minutes

Ex-NYC mayor Eric Adams unveils memecoin that hits $580-mn market cap at peak, crashes 80% in a matter of minutes

• Eric Adams launched NYC Token, which crashed 80 percent minutes after debut
• Nearly $500 million in market cap lost since the token's post-launch peak
• Adams claimed the token would fight antisemitism and inspire NYC innovation

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Former New York City Mayor Eric Adams launched a memecoin on January 12 that hit $580 million in market cap but it crashed 80% in a matter of minutes.

Nearly $500 million in market cap has been lost since the post-launch peak.

Adams launched the crypto token claiming it would fight "antisemitism and anti-Americanism".

In a post to X on Monday, Adams announced the launch of the “NYC Token, with a link to a website that says it also aims to inspire the next wave of innovation in NYC.

“I always say there are two types of Americans, those who live in New York and those who wish they could,” Adams said in a video, adding that “We’re about to change the game.”

“If you can't make it to New York, we're going to bring New York to you,” Adams said, suggesting that the NYC-themed token was poised to “take off like crazy.”

DEXScreener data shows that the Solana-based token fell from $0.47 to $0.1, roughly 30 minutes after launching, with the market capitalisation falling from near $500 million to less than $110 million at the time of writing.

Proud to launch @buynyctoken, a new token built to fight the rapid spread of antisemitism and anti-Americanism across this country and now in New York City. Now live at https://t.co/zowY9Ri3aKpic.twitter.com/qBMzV88Tmj

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— Eric Adams (@ericadamsfornyc) January 12, 2026

Adams was formally succeeded by Zohran Mamdani as New York City mayor on January 1, after Mamdani defeated crypto advocate and former New York Governor Andrew Cuomo in the November 4 election.

Adams, widely regarded as one of the most crypto-friendly mayors in the United States, had openly backed digital assets and famously converted part of his early mayoral paychecks into cryptocurrency.

In contrast, Mamdani has taken a markedly anti-capitalist position, prompting concern within the crypto industry. Critics have warned that his policy approach could discourage technology firms and talent from remaining in New York City.