{"id":5581,"date":"2026-01-13T17:39:05","date_gmt":"2026-01-13T17:39:05","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=5581"},"modified":"2026-01-13T17:39:05","modified_gmt":"2026-01-13T17:39:05","slug":"former-nyc-mayor-backed-token-tumbles-on-solana-amid-liquidity-fears","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=5581","title":{"rendered":"Former NYC mayor backed token tumbles on Solana amid liquidity fears"},"content":{"rendered":"<p><\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7-smartcrop-363x181.png\" type=\"image\/jpeg\"\/><img decoding=\"async\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7.png\" alt=\"Former NYC mayor-backed NYC token tumbles on Solana amid liquidity fears\" width=\"100%\" height=\"100%\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li data-start=\"76\" data-end=\"415\">Some crypto community members accused the project team of removing liquidity, sparking rug pull fears.<\/li>\n<li data-start=\"76\" data-end=\"415\">Rune flagged data suggesting $3.4 million was drained from the token\u2019s liquidity pool.<\/li>\n<li data-start=\"76\" data-end=\"415\">Bubblemaps showed $2.5 million in USDC removed near the peak, with $900,000 not returned after partial additions.<\/li>\n<\/ul>\n<p data-start=\"76\" data-end=\"415\">Former New York City Mayor Eric Adams has launched a Solana-based meme coin that he said is aimed at fighting antisemitism and supporting the next phase of innovation in the city.<\/p>\n<p data-start=\"76\" data-end=\"415\">The token, called the New York City token (NYC), was announced in a Jan. 13 post on X and quickly went live for trading on the Solana decentralised exchange Jupiter.<\/p>\n<p data-start=\"417\" data-end=\"700\">In the post, Adams shared a link to the token\u2019s official website and said the project was built to fight the spread of antisemitism and anti-Americanism across the US and New York City.<\/p>\n<p data-start=\"747\" data-end=\"927\">The NYC token initially saw strong momentum after it began trading.<\/p>\n<p data-start=\"747\" data-end=\"927\">It rallied to a high of $0.58 and briefly reached a market cap of $580 million, according to DEXScreener data.<\/p>\n<h2 data-start=\"1185\" data-end=\"1236\">Liquidity movements trigger rug pull allegations<\/h2>\n<p data-start=\"1238\" data-end=\"1507\">As the price fell, accusations surfaced online that the team behind the token may have removed liquidity, adding to fears of a potential rug pull.<\/p>\n<p data-start=\"1238\" data-end=\"1507\">Crypto analyst Rune flagged data indicating that at least $3.4 million had been drained from the token\u2019s liquidity pool.<\/p>\n<p data-start=\"1509\" data-end=\"1786\">Separately, analytics posted by Bubblemaps suggested that a wallet linked to the token\u2019s deployer removed $2.5 million in USDC liquidity when the token was trading near its peak.<\/p>\n<p data-start=\"1509\" data-end=\"1786\">After the price had already plunged by more than 60%, about $1.5 million in USDC was added back.<\/p>\n<p data-start=\"1788\" data-end=\"2043\">Still, roughly $900,000 was not returned, which further fuelled suspicion among some community members and investors.<\/p>\n<p data-start=\"1788\" data-end=\"2043\">The allegations have not been confirmed, but the timing and size of the liquidity movements quickly became a central focus of discussion.<\/p>\n<h2 data-start=\"2045\" data-end=\"2093\">Team cites TWAP strategy to manage volatility<\/h2>\n<p data-start=\"2095\" data-end=\"2439\">In response to the concerns, the NYC token X account released a statement claiming the project is using Time-Weighted Average Price (TWAP) mechanisms to manage price stability.<\/p>\n<p data-start=\"2095\" data-end=\"2439\">The account said funds were being added to the liquidity pool gradually to reduce the risk of further disruption after the initial volatility seen during the launch.<\/p>\n<p data-start=\"2441\" data-end=\"2639\">Despite that explanation, the episode has kept attention on how liquidity is handled for newly launched meme coins, especially when trading activity accelerates rapidly across decentralised markets.<\/p>\n<h2 data-start=\"2641\" data-end=\"2694\">Website details token split and proposed use cases<\/h2>\n<p data-start=\"2696\" data-end=\"2994\">While the token\u2019s official website offers limited detail about the project\u2019s long-term direction, Adams said in a Fox Business interview that proceeds from the NYC token would go toward nonprofits focused on raising awareness about antisemitism and anti-Americanism through educational campaigns.<\/p>\n<p data-start=\"2996\" data-end=\"3136\">Other proposed use cases include funding blockchain and crypto education, along with scholarships for students in underserved communities.<\/p>\n<p data-start=\"3526\" data-end=\"3965\">Adams officially stepped down as mayor on Jan. 1, after being replaced by Zohran Mamdani.<\/p>\n<div class=\"flex flex-col text-sm pb-25\">\n<article class=\"text-token-text-primary w-full focus:outline-none [--shadow-height:45px] has-data-writing-block:pointer-events-none has-data-writing-block:-mt-(--shadow-height) has-data-writing-block:pt-(--shadow-height) [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" tabindex=\"-1\" data-turn-id=\"5746d67d-3597-4dee-9628-a5af7d27caa6\" data-testid=\"conversation-turn-10\" data-scroll-anchor=\"true\" data-turn=\"assistant\">\n<div class=\"text-base my-auto mx-auto pb-10 [--thread-content-margin:--spacing(4)] @w-sm\/main:[--thread-content-margin:--spacing(6)] @w-lg\/main:[--thread-content-margin:--spacing(16)] px-(--thread-content-margin)\">\n<div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\" tabindex=\"-1\">\n<div class=\"flex max-w-full flex-col grow\">\n<div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal [.text-message+&amp;]:mt-1\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"21c070b4-a899-401e-93cf-d68f86b8899a\" data-message-model-slug=\"gpt-5-2\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[1px]\">\n<div class=\"markdown prose dark:prose-invert w-full break-words light markdown-new-styling\">\n<p data-start=\"0\" data-end=\"364\" data-is-last-node=\"\" data-is-only-node=\"\">During his time in office, he was one of the most outspoken political figures in support of cryptocurrency.<\/p>\n<p data-start=\"0\" data-end=\"364\" data-is-last-node=\"\" data-is-only-node=\"\">His initiatives included converting his first three paychecks into Bitcoin and Ethereum, creating the Office of Digital Assets and Blockchain Technology, and launching the NYC Blockchain Plan to encourage responsible innovation and attract Web3 businesses.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p>Markets,Bitcoin News,Blockchain News,Ethereum News,Jupiter,New York,Solana News,USA#NYC #mayor #backed #token #tumbles #Solana #liquidity #fears1768325945<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some crypto community members accused the project team of removing liquidity, sparking rug pull fears. Rune flagged data suggesting $3.4 million was drained from the token\u2019s liquidity pool. Bubblemaps showed $2.5 million in USDC removed near the peak, with $900,000 not returned after partial additions. Former New York City Mayor Eric Adams has launched a<\/p>\n","protected":false},"author":1,"featured_media":5582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":{"0":"post-5581","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eurozone"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Former NYC mayor backed token tumbles on Solana amid liquidity fears - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Former NYC mayor-backed NYC token fell after a Solana surge, as liquidity moves fuelled rug pull fears and the team cited TWAP measures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=5581\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former NYC mayor backed token tumbles on Solana amid liquidity fears\" \/>\n<meta property=\"og:description\" content=\"Former NYC mayor-backed NYC token fell after a Solana surge, as liquidity moves fuelled rug pull fears and the team cited TWAP measures.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=5581\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-13T17:39:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7-1024x683.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=5581\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=5581\",\"name\":\"Former NYC mayor backed token tumbles on Solana amid liquidity fears - Crypto News: Latest Cryptocurrency News and Analysis\",\"isPartOf\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=5581#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=5581#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7.png\",\"datePublished\":\"2026-01-13T17:39:05+00:00\",\"author\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#\/schema\/person\/822778c5844e0d16d43dce6630f4f1bf\"},\"description\":\"Former NYC mayor-backed NYC token fell after a Solana surge, as liquidity moves fuelled rug pull fears and the team cited TWAP measures.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=5581#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptonews.uk.com\/?p=5581\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=5581#primaryimage\",\"url\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7.png\",\"contentUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/01\/20260113_1619_Image-Generation_simple_compose_01kevfj6hsft7spa9mncw89cy7.png\",\"width\":1536,\"height\":1024},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=5581#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptonews.uk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Former NYC mayor backed token tumbles on Solana amid liquidity fears\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptonews.uk.com\/#website\",\"url\":\"https:\/\/cryptonews.uk.com\/\",\"name\":\"Crypto News: Latest Cryptocurrency News and Analysis\",\"description\":\"Latest Crypto &amp; 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