🚨 A former NYC mayor is now being dragged into a crypto mess after a meme token exploded and then wiped out
A fresh crypto controversy is making the rounds online, and it’s pulling in former New York City mayor Eric Adams. His name is being linked to a meme token that went viral almost instantly and then crashed just as fast.
The token, often referred to as the NYC token, launched and caught fire within minutes. On DEX trackers, its market cap reportedly shot up to around $580M to $600M in a very short window. The move was almost straight up, the kind of spike you usually see at the peak of meme coin mania.
Then reality hit. Selling pressure came in hard shortly after the peak, and the price collapsed within minutes. What started as hype quickly turned into panic across the market.
Reports suggest the token dropped roughly 80% from its highs, with the market cap falling below the $100M to $130M range, depending on when you check the data.
On-chain activity has only added fuel to the fire. Some liquidity movements are being flagged by analysts as looking uncomfortably similar to classic rug pull behavior, which is why this story is escalating so fast.
The token was pushed with a political and social narrative, touching on topics like fighting antisemitism, tackling misinformation, and promoting blockchain education. After the crash, that messaging didn’t do much to calm the backlash.
The takeaway is pretty clear. Meme token hype can flip into chaos in minutes, and when a well-known political figure gets pulled into it, the fallout gets a lot louder.
