Hayden Adams, the founder of Uniswap, made headlines by burning 99.9% of his HayCoin holdings. This surprising move came as HayCoin unexpectedly gained popularity in trading and started to be seen as a meme coin. Following the burn, HayCoin’s price skyrocketed from around $657,000 to over $4 million, marking an incredible 300% increase.
Uniswap Founder Burns Most of His HayCoin, Price Skyrockets
On October 20th, Hayden Adams, the founder of Uniswap, did something big. He burned 99.9% of his HayCoin holdings. And because of this, the token’s value went way up, surpassing $4 million.
Adams did this because he noticed a lot of trading and talk in the crypto community about HayCoin.
HayCoin’s Surprising Journey and Uniswap Founder’s Decision
HayCoin was initially created to test Uniswap v1, but only a small part of its total supply was released, and most of it was held by Hayden Adams.
However, there was a sudden surge in trading activity that surprised Adams, leading him to decide to burn most of the tokens. He mentioned how the token had turned into something like a meme coin, saying that “crypto can be weird sometimes.”
Adams also felt uncomfortable holding such a big portion of the token’s supply, which was worth around $650 billion. He stated that he wouldn’t be involved with the token in the future and made it clear that he burned all of his HayCoin holdings. He even mentioned that he’d prefer not to have his photo used as the token’s logo.
HayCoin’s Dramatic Surge and Concerns
After the burn event, HayCoin’s price shot up dramatically. It went from about $657,000 to over $4 million in just three hours, showing a more than 300% increase, as per data from CoinGecko.
Even now, the token is worth $2.5 million, marking a 281% increase in just 24 hours, according to CoinGecko.
HayCoin Price. Source: CoinGecko
However, some people in the crypto community are worried about what Hayden Adams did. One user accused him of making money from the token before the burn. But Adams clarified that he hadn’t sold any tokens except some test transactions years ago.
It’s worth mentioning that after the burn, more than half of the remaining HayCoin tokens are still in one wallet. According to data from Etherscan, a wallet with the address ‘0xFB263’ holds around 54.11% of the remaining HayCoin tokens.
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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