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🐳 Daily Edition: Investors Flock to Physical Gold over Digital, Eric Adams Launches a Memecoin

🐳 Daily Edition: Investors Flock to Physical Gold over Digital, Eric Adams Launches a Memecoin

As markets deal with the disconcerting news of a DOJ probe into Jerome Powell, Eric Adams decides it's time to extract from the crypto industry

Beluga & Will McKinnon
January 12, 2026

While equities continue to grind up in spite of this weekend’s news of a DOJ probe into Fed Chairman Jerome Powell, crypto markets were relatively tame today. It seems people are applying less value to the “Digital Gold” narrative for Bitcoin as precious metals scream to new all-time highs with BTC left near the $90k mark. The situation is not as dire as it may seem given Bitcoin’s meteoric rise over the prior year (~$40k to ~$97k), however liquidity flowing into equities/metals coinciding with outflows from the crypto ETFs is a worrying trend. The first week of 2026 brought in over $600M between BTC and ETH ETFs, however last week undid that progress and then some.

Source: Eric Adams via X

If you thought we left the politician memecoin meta in 2025, unfortunately you’d be wrong: today marked the launch of former NYC mayor Eric Adams’ “$NYC” memecoin, which (according to him at least) is meant to fight antisemitism and fund crypto eduction efforts for underprivileged communities. Just 30 minutes after launch it seems Adams’ launch team was already content with the proceeds as they removed $3m from the liquidity pool. This comes in addition to the predatory tokenomics, which are eerily similar to those used by the Melania and Kanye West coins of last year. Is this just a coincidence, or are those teams back to “max extract” once again? Time will tell, but needless to say this launch is definitely not one I’m interested in participating in.