- Hayden Adams, the mind behind Uniswap, initiated a massive burn of his HayCoin holdings, resulting in a staggering 300% price increase, with each token exceeding $2 million in value.
- The unexpected trading surge and the token’s sudden transformation into a meme coin surprised Adams, leading him to disassociate from HayCoin completely.
In an unexpected turn of events, Uniswap founder Hayden Adams has set the crypto community abuzz by incinerating 99.9% of his HayCoin holdings, leading to a jaw-dropping spike in the token’s value. Following the burn, each HayCoin escalated in worth from approximately $657,000 to an astounding $4 million, showcasing a remarkable 300% increase.
Uniswap Creator Takes Drastic Measures with HayCoin
Originally devised as a test token for the inauguration of Uniswap v1, HayCoin had a significant portion of its total supply confined within Hayden Adams’ personal wallet. The token, of late, witnessed an unanticipated surge in trading activities, prompting Adams to take drastic measures.
Expressing his astonishment at HayCoin’s sudden treatment akin to a meme coin, Adams remarked,
“crypto can be weird sometimes.”
He further underscored his discomfort with holding a substantial part of the token’s supply, stating that the tokens he burned were “valued” at around $650 billion. He asserted his future disengagement from the token, urging for a logo change and hinting at potential image takedowns if his photo continues to be associated with the token.
The Remarkable Price Escalation of HayCoin
Post the burn event, HayCoin’s value witnessed an extraordinary surge, catapulting from roughly $657,000 to over $4 million within a span of three hours, according to data fetched from CoinGecko. This drastic price elevation positioned each HayCoin at a value of $2.5 million, marking a 281% growth within a mere 24-hour timeframe.
Notwithstanding the market excitement, some segments of the crypto community have raised eyebrows at Adams’ actions. A notable user, BlockchainGods, voiced suspicions over Adams potentially capitalizing on the token prior to the burn, allegations to which Adams responded, clarifying his non-involvement in token sales except for some test transactions conducted years back.
As of this report, it is crucial to highlight that over half of the HayCoin tokens still in circulation are consolidated within a single wallet, as per data from Etherscan. This wallet, identified as ‘0xFB263’, commands approximately 54.11% of the remaining HayCoin tokens, painting a complex picture of the token’s distribution post-burn.