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.
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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.
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.
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