Ex-NYC mayor's memecoin nosedives 80% minutes after launch

Business Jan 13, 2026

Former NYC Mayor Eric Adams just dropped a new memecoin, NYC Token, hoping to fight antisemitism and anti-Americanism.
The hype was real at first—the token hit a $580 million market cap—but within minutes, its value crashed by 80%, wiping out nearly $500 million.

What's behind the crash?

Adams is known for backing crypto (he even took part of his salary in it), but this launch didn't go as planned.
NYC Token debuted on January 12 and quickly tumbled from $0.47 to just $0.10.