NYC Mayor Criticizes Memecoins Ahead of Crypto Summit

New York City Mayor Eric Adams has recently criticised the impact meme culture has on the crypto space.

“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” he said.  

In a press conference, he announced new partnerships with financial firms to boost the city’s role in digital assets. The mayor plans to gather industry leaders together to shape the city’s crypto strategy to ensure that it remains a hub for innovation. 

New York Crypto Summit On May 20

Adams discussed the potential for crypto and blockchain to improve financial access for the city’s underbanked population. In April, Adams revealed that New York City would hold its crypto summit on May 20, which aims to drive innovation and growth in the city’s blockchain sector.

Adams also announced new partnerships to guide the city’s digital asset strategy. From startups to major players, he aims to create a business-friendly environment where they can thrive. 

Although he was skeptical about memecoins, he reaffirmed his support for crypto, reminding everyone that he was the first U.S. mayor to take his first paychecks in Bitcoin and Ether back in 2022. 

Altcoins and Memecoin See Wild Rally

Altcoins have been on the rise lately amid a broader crypto rally. Memecoins have also bounced back sharply. The CMC Altcoin Season Index has jumped to 35, hinting that an altseason could be on the horizon. 

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Analyst Mister Crypto predicts daily gains of up to 40% for altcoins over the next 3 to 6 months, calling this period “life-changing.”

Major altcoins have had strong weekly gains. Ethereum led with a 39.9% increase, while XRP, Solana, and Cardano rose by about 21%. Memecoins also saw big moves, with Dogwifhat up 119%, Dogecoin up 37%, and Brett gaining 63%. Bonk and Mog Coin also rose 37% and 84% in the last week. 

Coinpedia Markets has shared a list of memecoins that could see 10-100x potential in Bullrun 2025. The tokens include Dogwifhat ($WIF), Degen ($DEGEN), Brett ($BRETT), Mubarak (#MUBARAK), Mog Coin ($MOG), Snek ($SNEK), Ski Mask Dog ($SKI), Kendu Inu ($KENDU), Osaka Protocol ($OSAK), and Bobo ($BOBO).

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