Former New York City Mayor Launches NYC Token: $700 Million on Solana Surges and Then Falls Back to $95 Million

【ChainNews】Former New York City Mayor Eric Adams recently announced an ambitious cryptocurrency initiative—NYC Token. According to an official statement, the plan is primarily aimed at raising funds to address local social issues and promote blockchain education. However, the specifics of how it will be implemented remain unclear.

At the launch event held in Times Square, Adams did not specify how the token would combat social problems, nor did he reveal who the partners are, when it will be officially launched, or where the funds will specifically go. He did emphasize that he currently does not plan to take a salary from this project but left the door open for future changes.

Interestingly, according to information he posted on social media, the NYC Token appears to already be live on the Solana network. After launch, the market experienced sharp fluctuations—its market cap once soared to a high of $700 million but quickly declined, now stabilizing around $95.47 million.

It is worth noting that Adams was indeed a supporter of the crypto industry during his tenure as mayor, but he also faced criticism over some moral and conflict of interest issues. The newly elected mayor Zohran Mamdani has already stated that he will not purchase this token.