Eric Adams' NYC Token Soars to $580M Market Cap Before Plunging 80% After Liquidity Exit
On January 12, 2026, former New York Mayor Eric Adams launched NYC Token, a memecoin he framed as a tool against antisemitism and anti-Americanism. The token briefly hit a $580 million market cap before crashing 80% amid allegations of a rug pull and multimillion-dollar liquidity removal, with critics also warning about its highly concentrated ownership.