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- Mayor Eric Adams warns against letting meme culture dictate New York City’s crypto future.
- Major memecoins like Dogwifhat and Brett post huge gains ahead of NYC’s crypto summit.
- New York partners with financial firms to develop a practical, long-term digital asset strategy.
New York City Mayor Eric Adams has harshly criticized the emergence of meme-driven cryptos. His comments come a few days before the city’s digital asset summit, scheduled for May 20th.
In a recent press conference, Adams denounced the impact of meme culture on the crypto market. He pointed out that New York will prioritize substance over hype in its blockchain strategy.
He said that the city keeps on pursuing long-term growth rather than speculative trends driven by internet communities. His point was clear: financial innovation should create and deliver real-world value and impact.
The mayor also announced new partnerships with financial institutions to direct New York’s crypto policy framework. These collaborations will promote responsible innovation while guaranteeing clarity concerning regulations for all stakeholders involved.
He affirmed that the New York Crypto Summit will gather startups, large companies, and regulators. The event will determine the future course of blockchain adoption in the city.
As a reaffirming statement, Adams argued that digital assets should be used to increase financial access to those who have not been served before. He said that technology had to be an instrument of inclusion and not just market speculation.
Memecoins Surge as Market Buzz Builds Ahead of High-Level Industry Discussions
Recent data suggests that memecoins have initiated a spectacular rally on the back of online attention and ceaseless buying by retail. Dogwifhat had an astonishing gain of 119 percent, making it the best performer of the meme-related tokens.
Dogecoin also had a phenomenal increase of 37 percent, while Brett rose over 63 percent. Other tokens, such as Bonk and Mog Coin, were not far behind, growing by 37% and 84%, respectively.
Altcoins have also risen, a sign that momentum might build up in the wider crypto environment. Ethereum increased almost by 40 percent, while Solana, XRP, and Cardano recorded 21 percent increases over a week.
While Adams warned against using the market’s short-term fluctuations to dictate long-term policies, he reminded the public of his early support for Bitcoin and Ether, which he had offered support for in his early months at his office.
However, he explained that his crypto endorsement was a utility, not a viral popularity one. Adams believes New York must not lose focus on real innovation past social media trends.
With the memecoins moving up and the investor fervor increasing, the leadership in New York is showing the way forward in a measured and thoughtful manner. Adams, the Mayor, is still concerned with laying a sturdy foundation for sustainable digital assets in the city.
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