New memecoin for former New York mayor, new ‘Rug Pull’

A new cryptocurrency called NYC Token was launched earlier this week to much fanfare by former New York City Mayor Eric Adams. After its launch, its value soared to around $580 million within hours, then plummeted by around 80%. Many crypto analysts claim it’s a classic “rug pull.”

Celebrities

American celebrities and meme coins are not a good combination. Last year saw scandals surrounding Donald Trump’s meme coins and then that of the Hawk Tuah girl. So you’d think American crypto investors would have learned their lesson. In Argentina, President Javier Milei tried the same trick, which resulted in a lawsuit and hundreds of complaints.

Don’t blink. pic.twitter.com/TDg3cyeHed

— NYC Token (@buynyctoken) January 12, 2026

However earlier this week, after the world’s press had descended on New York to cover the first days of Mayor Zohran Mamdani’s administration, his predecessor Eric Adams tried once again to capitalize on his own celebrity. He launched the NYC token with much fanfare and a promotional video on major news channels.

BREAKING: Former NYC Mayor Eric Adams launches a memecoin that hits $580 million in market cap before crashing -80% in a matter of minutes.

Nearly $500 million in market cap has been lost since the post-launch peak. pic.twitter.com/sHDyHXceC0

— The Kobeissi Letter (@KobeissiLetter) January 13, 2026

The cryptocurrency soared in the minutes after its launch, only to plummet by around 80% a bit later. Crypto experts call this a classic “rug pull.”

FORMER NYC MAYOR JUST RUGPULLED 🚨

Eric Adams, former NYC mayor, launched his own $NYC memecoin.

The coin immediately hit $500 million in the market cap before Eric withdrew liquidity from the coin.

This caused a massive 80% crash, and the token went below $100 million.

As… pic.twitter.com/Z06sKtZxwA

— Ash Crypto (@AshCrypto) January 13, 2026

Meanwhile, investigators claim that Adams paid himself some $2 million 30 minutes after the launch. That’s considerably less than Donald Trump earned with his memecoin in January of last year, but still a substantial sum. Small investors have already filed lawsuits against the former New York mayor, crying foul. Eric Adams declined to comment.