New York City former Mayor Eric Adams launches "NYC Token," which quickly surged and then retraced after the initial spike

Per Fortune, ex-New York City Mayor Eric Adams announced the launch of a cryptocurrency called “NYC Token” following his departure from office, noting the project’s goal is to raise funds to fight anti-Semitism, anti-American sentiment, and expand blockchain education for kids. Adams unveiled the token publicly in Times Square but didn’t disclose partners, an issuance date, how funds will be used, or specific token mechanics—only noting regular New Yorkers can invest in it. During his term, Adams was a vocal supporter of the crypto industry but faced heavy controversy over ethics and conflict-of-interest issues. New York’s new mayor, Zohran Mamdani, has explicitly stated he won’t buy the token. **Per Eric Adams’ X account, the NYC Token reportedly launched on the Solana network roughly an hour ago—its market cap briefly spiked to $200 million before quickly falling back to $93.98 million.** BlockBeats is warning users the token’s authenticity remains unconfirmed, celebrity-backed coins are extremely volatile, and risks are high—so investors should exercise caution.