Uniswap CEO Hayden Adams conducted a token burn, eliminating 99% of the total HayCoin supply and causing its price to reach an all-time high of $4,532,822. However, the price has since settled at $3.5 million. Adams made it clear that he has no plans for the token’s future and discouraged speculation around it.
Hayden Adams, the creator and CEO of Uniswap, carried out a token burn that led to an all-time high for HayCoin (HAY) at $4,532,822 on October 22. CoinGecko reported an extraordinary surge in HayCoin’s price, which reached $4 million in just a few days. However, the price subsequently dropped, and at the time of writing, it was trading at $3,501,672. HayCoin currently has a market cap of $199,742,217.
HayCoin 7-Day Price Chart, Source: CoinGecko
HayCoin’s Volume Drops 13.6% as Uniswap CEO Burns Tokens
In the last 24 hours, HayCoin had a trading volume of $6,851,166, marking a 13.6% decline from the previous day. This decline could suggest that traders aim to hold the coin in the anticipation of a price increase. However, if traders decide to sell during the bull run, the price may drop from its current value.
Adams revealed that he initially deployed HayCoin for testing before the launch of Uniswap V1 when gas fees on the mainnet were exceptionally low. He created a small test liquidity pool with a small fraction of the total supply, leaving the rest in his wallet.
Uncomfortable with owning around 99% of the supply, Adams chose to burn the entire amount held in his wallet, which was valued at an astonishing $650 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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