Ex-NYC Mayor Eric Adams’ NYC Token tanks over 80% as team allegedly manipulates trading activity

Key Takeaways

• NYC Token, endorsed by ex-mayor Eric Adams, saw an 80% value drop shortly after its launch.
• The token’s initial valuation of $730 million plunged to $111 million in hours.

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NYC Token, a Solana-based crypto token launched by ex-New York mayor Eric Adams, lost over 80% of its value shortly after it hit the market.

According to GeckoTerminal data, the NYC Token soared to a $730 million valuation but plummeted to $90 million in less than an hour. It has now recovered past $110 million.

Adams unveiled the coin during a press conference in Times Square on Monday, describing it as a “commemorative asset.”

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/zowY9Ri3aK pic.twitter.com/qBMzV88Tmj

— Eric Adams (@ericadamsfornyc) January 12, 2026

NYC Token is described on its website as a community-driven project embodying New York City’s innovation, diversity, and drive. The token has a total supply of one billion tokens, with 80 million tradeable at launch, and plans to grow to 300 million in circulation.

According to the project’s stated mission, a portion of proceeds will be earmarked for youth crypto education, anti-hate programs, and scholarships for underserved students.

However, key details like the project’s partners and its whitepaper are missing from the project website, and critics have raised ethical concerns.

BubbleMaps has flagged unusual liquidity pool activity tied to the NYC Token project, including $1 million cycled in and out and an unexplained $2.5 million USDC removal at the peak.

Analysts note that this behavior is reminiscent of the LIBRA launch, where liquidity was heavily manipulated.

4/ There has been no explanation for these liquidity moves.

This is unfortunately reminiscent of the $LIBRA launch, where liquidity was also heavily manipulatedhttps://t.co/8Ufc7sIYNB

— Bubblemaps (@bubblemaps) January 13, 2026

Adams, known as the “Bitcoin Mayor” for his advocacy of digital assets and blockchain, last year established the city’s Office of Digital Assets and Blockchain, a first-of-its-kind initiative to promote adoption, investment, and education in the sector and strengthen NYC’s role in the global crypto ecosystem.

His tenure ended on December 31, 2025, and he was succeeded by Zohran Mamdani. One of Mamdani’s early actions was to restructure several of Adams’ initiatives, including the digital assets office.