Uniswap Founder HayCoin Token Raises Over $2M
On October 20, Uniswap founder Hayden Adams made a big move by burning 99.9% of his HayCoin holdings. Following the move, the value of the token increased by more than $4 million.
Adams' decision comes in response to the recent surge in trading activity and speculation in the crypto community.
The creator of Uniswap burned the HayCoin container
Originally created as a test method to launch Uniswap v1, HayCoin only saw a fraction of its total supply, most of which was held in Hayden wallets.
However, a recent unexpected business move prompted Adams to start the fire. “Crypto can be weird sometimes,” he said, adding that he was surprised by how the token was seen as a meme coin.
Adams expressed his displeasure with holding such a large supply of the token, with burned tokens “worth” around $650 billion. In addition, he announced that he will no longer be involved with the token. He added:
“I will not participate in the future, I burned all the HAY in my wallet, and it is stupid to speculate on it. I will also choose a new logo that is not my PFP – I can finally consider image downloads if my photo is used in this way.
The value of HayCoin has increased by more than $4M.
In the hours after the fire, the price of HayCoin showed a dramatic increase. It rose from around $657,000 at 7:00 p.m. Friday to $4 million three hours later, according to CoinGecko data.
The burning event increased the value of the token by more than 300%.
At the time of this report, the value of the token remains at $2.5 million, according to CoinGecko data, which represents a 281% increase in 24 hours.
However, some members of the crypto community expressed concern about Adams' actions. An X user with the handle BlockchainGods accused the founder of Uniswap of profiting from the token before it burned down.
In response, Adams stated that he has not sold any tokens other than those sold in a test transaction several years ago.
It is important to note that even after the burn, more than half of the HayCoin tokens in circulation are held in one wallet. According to Etherscan data, the wallet with the address ‘0xFB263' holds approximately 54.11% of the remaining HayCoin tokens.
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