"Adams unveiled the Solana-based token at a Times Square event on Monday, promoting it as a tool to generate funding for social causes including the fight against antisemitism and "anti-Americanism," as well as blockchain education and student scholarships. Eric Adams told Fox Business that proceeds would support nonprofits like Combat Antisemitism and historically Black colleges and universities without raising taxes."
"Investor interest was strong for the first couple of hours following the coin's launch, briefly driving the NYC Token's market capitalization into the hundreds of millions of dollars. But within hours of its debut, the token's price collapsed - dropping more than 80% from its peak, according to market data. On-chain analysts and traders quickly accused the project of a rug pull, a scenario in which insiders withdraw liquidity from a token to the detriment of ordinary investors."
A Solana-based NYC Token launched at a Times Square event purported to fund social causes, blockchain education, and student scholarships. Proceeds were said to support groups like Combat Antisemitism and historically Black colleges and universities without raising taxes. The launch occurred days after Eric Adams left office following a mayoral tenure that promoted crypto adoption. Initial investor interest briefly pushed market capitalization into the hundreds of millions, peaking near $580 million before the price collapsed more than 80%, wiping out nearly $500 million in market cap. On-chain analysts and traders accused the project of a rug pull and criticized sparse disclosures, limited technical details, and lack of named partners or a roadmap.
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