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Home»ALTCOIN NEWS»Uniswap founder HayCoin token soars over $2 million.
ALTCOIN NEWS

Uniswap founder HayCoin token soars over $2 million.

By Crypto FlexsNovember 27, 20233 Mins Read
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Uniswap founder HayCoin token soars over  million.
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On October 20th, Uniswap founder Hayden Adams took a significant step by burning 99.9% of his HayCoin holdings. The value of the token has soared to over $4 million since the move.

Adams’ decision comes amid a recent surge in trading activity and speculation within the cryptocurrency community.

Uniswap creator burns HayCoin holdings

Initially created as a testing mechanism for the Uniswap v1 launch, HayCoin was released with only a portion of its total supply, most of which was held in Hayden’s wallet.

However, a recent unexpected surge in trading activity prompted Adams to start burning. “Cryptocurrencies can be weird sometimes,” he said, expressing surprise at the way the token was treated as a meme coin.

Read more: Best Cryptocurrency Signup Bonuses of 2023

Adams also explained that with the value of burned tokens being around $650 billion, it is inconvenient to hold on to a large portion of the token supply. He also stated that he would no longer be involved with tokens in the future. that Added:

“I will not intervene in the future, I have burned all the HAY in my wallet and I think speculation about this is foolish. I also prefer the new logo, not my PFP. Ultimately, if my photo is used in this way, I may consider taking the image down.”

HayCoin price soars above $4 million

HayCoin’s price surged noticeably in the hours following its burn. It rose from about $657,000 at 7pm on Friday to more than $4 million three hours later, according to data from CoinGecko.

The token price rose by more than 300% due to the burn event.

Heycoin price. Source: CoinGecko

As of the writing of this report, the value of the token remains at $2.5 million, an increase of 281% in just 24 hours, according to CoinGecko data.

However, some members of the cryptocurrency community have expressed concerns about Adams’ actions. User X with the handle BlockchainGods accused Uniswap founder profited from tokens before burning.

In response, Adams stated that he has never sold any tokens except those sold in a test transaction a few years ago.

It is important to note that even after burn, more than half of the remaining HayCoin tokens in circulation are held in a single wallet. According to Etherscan data, wallets with address ‘0xFB263’ account for approximately 54.11% of the remaining HayCoin tokens.

Read more: 9 Best AI Cryptocurrency Trading Bots to Maximize Your Profits

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.

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