A crypto token promoted by former New York City mayor Eric Adams collapsed within hours of its debut, raising fresh concerns about political memecoins and sparking “rug pull” claims from traders.
Adams introduced the Solana-based “NYC Token” ($NYC) during a public appearance in Times Square on January 12.
He framed it as a project meant to support anti-hate campaigns, fund scholarships, and back basic crypto education efforts.
🚨 This might be the wildest political crypto rug of 2026
A former NYC mayor just launched a token called $NYC.
It was sold as a way to fight “antisemitism and anti-Americanism.”
It hit $600M.
Then it nuked.
Here’s what really happened 👇
Eric Adams dropped $NYC on Solana… pic.twitter.com/KEqhAv9TQO
— Evan Luthra (@EvanLuthra) January 13, 2026
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What Triggered the NYC Token’s Sudden -75% Price Collapse?
As per APnews, early trading pushed its estimated value close to $580–$600M. But the rally didn’t last.
The price fell more than -75% the same day after blockchain analysts pointed to a major liquidity pull from a wallet tied to the launch.
The sudden drop left buyers questioning the project’s structure and the role of the wallets involved.
And it renewed calls for clearer rules around politically branded crypto tokens, which continue to appear even as market risks grow.
The selloff appears tied to a liquidity move that analysts, including Bubblemaps, say looked like a typical “rug pull.”
In this pattern, early insiders pull out large amounts of value and leave late buyers sitting on sharp losses.
Reports from The Associated Press and The Washington Post said a wallet linked to the token’s creation withdrew roughly $2.5M near the top.
The same wallet later added back about $1.5M, but only after the token had already dropped.
The project is also facing basic questions about its purpose. The coin has no connection to New York City’s government, and the team has shared little detail about its governance, partners, or how funds would be used.
That has added to concerns around the launch.
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Why Did Analysts Flag NYC Token’s Liquidity Withdrawals as Suspicious?
In the latest trading data, $NYC stood near $0.133, up about +2.7% in the past day. Trading volume came in around $3.1M.
Coingecko showed a market cap of about $10.6M and a fully diluted value near $133M, based on a maximum supply of 1 billion tokens.
In new token launches, liquidity pools help traders buy and sell without sharp price swings.
But critics say removing a large chunk of liquidity at the top of a rally can shake the market and spark panic selling, especially in fast-moving memecoins.
Nicolas Vaiman, the founder of Bubblemaps, told The Washington Post that the size and timing of the withdrawals didn’t look like normal rebalancing.
“Instead, they pulled $2.5M at once, added back only $1.5M…,” he said. “This is such an obvious rug.”
Fortune, after reviewing on-chain activity along with Bubblemaps’ analysis, reported that the developer may have made around $1M through the strategy, though it also noted there was no clear indication that Adams received any of that money.
The project’s team has pushed back on the allegations. The Guardian reported that NYC Token wrote on X that its partners “had to rebalance the liquidity” because of strong demand at launch.
The Washington Post also cited the token’s account saying the team was “in it for the long haul.”
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Key Takeaways
- In the latest trading data, $NYC stood near $0.133, up about +2.7% in the past day. Trading volume came in around $3.1M.
- A crypto token promoted by former New York City mayor Eric Adams collapsed within hours of its debut, raising fresh concerns about political memecoins and sparking “rug pull” claims from traders.
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