Crypto Community Blasts Collapse of NYC Meme Coin Promoted by Eric Adams
Former New York City Mayor Eric Adams was a bullish proponent of crypto during his time in office, but an ill-fated meme coin debut this week has drawn outcry.
On January 12, Adams shared a post on his X account announcing the launch of NYC Token, a New York-themed token with no official ties to the city, but which creators said on the token’s website would go toward “critical initiatives.” Adams said some proceeds would go toward fighting antisemitism and blockchain education for kids.
As it started trading, the coin quickly surged to a market cap of roughly $580 million before suddenly reversing course and plunging more than 80% in a few minutes.
Outrage from the crypto community has been swift this…
