On October 20th, Uniswap’s founder, Hayden Adams, made a significant move by burning 99.9% of his HayCoin holdings. The token’s value surged to over $4 million following the move.
Adams’ decision came in response to the recent surge in trading activities and speculations within the crypto community.
Uniswap Creator Burns his HayCoin Holding
HayCoin, initially created as a testing mechanism for the launch of Uniswap v1, saw only a fraction of its total supply released, with the majority held in Hayden’s wallet.
However, the recent unexpected trading activity surge prompted Adams to initiate the burn. He expressed surprise at how the token had been treated as a meme coin, stating, “crypto can be weird sometimes.”
Adams further explained that he felt uncomfortable holding such a large portion of the token’s supply, with the burnt tokens “valued” at around $650 billion. In addition, he announced that he would no longer be involved with the token in the future. He added:
“I will have no future involvement, have burned all the HAY in my wallet, and think speculating on it is silly. Also prefer a new logo that is not my PFP – ultimately if my photo is used in this way I may consider image takedowns.”
HayCoin Price Soars Above $4M
HayCoin’s price experienced a remarkable surge in the hours following the burn. It rose from around $657,000 at 7:00 p.m. on Friday to over $4 million three hours later, according to data from CoinGecko.
The burning event had increased the token’s price by more than 300%.
HayCoin Price. Source: CoinGecko
At the time of this report, the token’s value remains at $2.5 million, as per CoinGecko data, marking a 281% increase in just 24 hours.
However, some crypto community members have expressed concerns about Adams’ actions. An X user with the handle BlockchainGods accused the Uniswap founder of profiting from the token before the burn.
In response, Adams clarified that he had not sold any tokens except those sold in test transactions several years ago.
It’s important to note that even after the burn, more than half of the remaining HayCoin tokens in circulation are held in a single wallet. According to Etherscan data, a wallet with the address ‘0xFB263’ accounts for approximately 54.11% of the remaining HayCoin tokens.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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