Celebrity Coin's New Script: NYC Token's Market Cap Dropped from Hundreds of Millions to 90 Million, "Rising and Falling" Within a Few Hours

Former New York City Mayor Eric Adams’ NYC Token has experienced a rapid rise and fall on the Solana network. According to the latest reports, the token’s market cap briefly surged to several hundred million dollars after launch, then quickly retreated to the $90 million-$100 million range. Behind this market cap plunge lies an extremely opaque project and a market attitude filled with complex emotions towards celebrity coins.

The Full Picture of Market Cap Fluctuations

Based on relevant data, the NYC Token’s market cap performance is as follows:

Such intense volatility is not uncommon among celebrity coins. In comparison, NYC Token’s performance is even more extreme — dropping rapidly from a high of several hundred million dollars to below $100 million, possibly within just a few hours.

Red Flags in Missing Project Information

More concerning is the transparency issue surrounding this project. According to the latest news, NYC Token has the following problems:

• The official website only displays slogans and links to X platform accounts, lacking substantive information
• No disclosure of partner identities
• No details on issuance timing and mechanisms
• No information on specific fund usage
• The project was created by three members including Eric Adams, but the identities of the other two members are unknown

At the Times Square launch event, Eric Adams also did not explain how the token specifically combats anti-Semitism, merely stating that ordinary New Yorkers can participate in investing. This vague project design, coupled with the dramatic market cap swings, naturally raises market caution.

The Complexity Behind the Scene

During his tenure, Eric Adams has strongly supported the development of the crypto industry but has also been controversial over moral and conflict-of-interest issues. The launch of this celebrity coin has further fueled market doubts about his true intentions. Notably, current NYC Mayor Zohran Mamdani has explicitly stated he will not purchase the token, which itself is a signal.

Adams has said he will not currently draw a salary from the project but retains the possibility of reassessment in the future. This kind of statement appears somewhat indecisive, further fueling skepticism about the project’s credibility.

A New Variant of the Celebrity Coin Phenomenon

The emergence of NYC Token reflects a phenomenon in the crypto market: as long as a project has enough fame and hype, even with extremely opaque information, it can attract large amounts of capital in a short period. The rapid rise in market cap essentially reflects FOMO sentiment, while the swift decline indicates rational investors pulling out.

The risk with such projects is that latecomers—retail investors—often buy at the highest prices, and when prices fall back, they suffer the biggest losses.

Summary

The story of NYC Token reminds us that celebrity effects and hype can quickly inflate asset prices but cannot change the fundamental aspects of a project. A project with extremely opaque information, vague details, and an empty official website—regardless of how famous the founders are—is not worth blindly chasing. The process of falling from hundreds of millions to around $100 million essentially reflects the market’s price discovery, answering the question: how much is this project really worth? The current answer is that the market has given it a rather cautious valuation.