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    Ex-NYC Mayor Eric Adams Launches Controversial Token

    Naveed AhmadBy No Comments4 Mins Read
    Ex-NYC Mayor Eric Adams Launches Controversial Token



    Eric Adams has made his first main public transfer since leaving the New York Metropolis Mayor’s Workplace, launching a New York Metropolis–themed crypto token aimed toward addressing anti-Semitism and “anti-Americanism.”

    In a put up to X on Monday, Adams introduced the launch of the “NYC Token, with a hyperlink to a web site that claims it additionally goals to encourage the subsequent wave of innovation in NYC.

    “I all the time say there are two sorts of Individuals, those that reside in New York and those that want they might,” Adams mentioned in a video, including that “We’re about to alter the sport.”

    “If you cannot make it to New York, we will deliver New York to you,” Adams mentioned, suggesting that the NYC-themed token was poised to “take off like loopy.”

    In an interview with FOX Enterprise, Adams explained that proceeds from the NYC Token would supply funding to non-profits to boost consciousness about antisemitism and anti-Americanism via teaching programs. It’ll even be used to fund schooling about blockchain and crypto and assist scholarships for NYC college students in underserved communities.

    “[There’s a] wave of anti-Americanism that’s sweeping not solely on Ivy League school campuses however within the cities, so the objective is how will we use blockchain expertise with this token, and a considerable amount of cash raised from this token goes to combat these initiatives.”

    NYC Token plunges quickly after launch

    Adam’s new memecoin, nevertheless, noticed a rocky launch.

    DEXScreener data exhibits that the Solana-based token fell from $0.47 to $0.10 roughly half-hour after launching, with the market cap falling from close to $500 million to lower than $110 million on the time of writing.

    There are additionally unverified accusations that the group behind the token has deliberately eliminated liquidity, with crypto analyst Rune citing blockchain knowledge suggesting traders have been scammed out of greater than $3.4 million.

    Cointelegraph reached out to Adams for remark however didn’t obtain an instantaneous response.

    Questions stay about what’s subsequent for the NYC token

    The NYC Token web site supplies little info on the undertaking’s path. The web site’s “Purchase NYC Token” and “Learn Whitepaper” buttons additionally presently don’t work.

    Nonetheless, info on its tokenomics states that 40% of the NYC tokens are allotted to group rewards, 25% to liquidity, 15% to growth, and the remaining 20% ​​cut up between advertising and the group.