Former New York City Mayor Launches NYC Token: From $200 Million Peak to $93.98 Million, Can the Celebrity Coin Myth Continue?

【BlockBeats】Former New York City Mayor Eric Adams’s latest move after leaving office has attracted attention—launching a cryptocurrency called “NYC Token.” The project claims to raise funds to combat anti-Semitism, anti-American sentiments, and promote children’s blockchain education. A launch ceremony was held in Times Square, sounding very righteous.

But an interesting detail is that Adams did not disclose partners, issuance date, how the funds will be specifically used, or even clarify the token mechanism. The only certainty is that ordinary New Yorkers can participate in investing—this statement alone is worth pondering.

Speaking of Eric Adams, during his tenure he was indeed open to the crypto industry, but he was also heavily criticized for moral controversies and conflicts of interest. Ironically, the new mayor Zohran Mamdani immediately stated he would not buy this token, making his stance quite clear.

Even more explosive is the subsequent development: according to Eric Adams’s social media, the NYC Token has seemingly been quietly launched on the Solana network. After going live, its market cap once surged to $200 million, a figure that could make many speculators’ hearts race. But what followed was a rapid decline—the current market cap has fallen to $93.98 million, a drop of over 50%.

This kind of price volatility is quite typical for celebrity coins. From soaring to crashing, it often happens within a few hours, and participants’ moods are like riding a roller coaster. BlockBeats reminds all users that the authenticity of this token is still to be confirmed. The uncertainty and high risk of celebrity coins are factors that participants must always be vigilant about. Investment should be cautious; this phrase will never go out of style.