HayCoin Price Soars to $4.5M Following Uniswap CEO’s Token Burn


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.

Before Hayden Adams burned 99% of the tokens, HayCoin hit an all-time low of $373,257 on October 18. Following the burn, the price surged by 838.82%.

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.

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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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