Adams' NYC Memecoin Crashes After Debut

Watch Adams' NYC Memecoin Crashes After Debut - Bloomberg on Dailymotion

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00:00Muyao, what was the point of this token, this meme coin? What did it report to do?

00:06Well, that's actually an interesting question here because we don't really know, right?

00:10When Eric Adams announced this token on Monday, he would say that part of funds that are getting raised from the token

00:17will be useful to fight anti-Semitism and also teach kids about blockchain.

00:23But that's a very wild, vague claim, right? You can't do that without launching a token.

00:29So for now, we really don't know. Right. The website calls it a community cryptocurrency.

00:35There's no linkage to the current government of New York City, right? Because he's no longer mayor.

00:39Yeah. No, there's no relationships. And also, fun fact, we still don't know who are the actual creator of this token.

00:45If you go to the website, there's no contact email. There's no phone number. There are no names.

00:50The only thing we know is Eric Adams has been like the promoter for this token.

00:54So, I mean, we know a lot of these altcoins, the meme coins, they're all speculative vehicles.

01:00Is this kind of designed to be a speculative vehicle?

01:06I would say for now, it doesn't matter how people promote this, like the supporters of these tokens.

01:12As for from a retail perspective, these are all for speculations.

01:15As we can see from the prices of this NYC token, it rose up like a lot, but it also dropped like in just like within a few hours.

01:25Okay. And just back story here.

01:26Eric Adams has been very vocal about supporting cryptocurrencies, right?

01:29This is not out of character for him either.

01:32Oh, definitely not. I mean, I was joking that if a year ago someone told me that Eric Adams would have launched a cryptocurrency, right?

01:38I would be like, you know, it's probably true, right?