Uniswap founder burns 99.99% of HayCoin supply, token price jumps to $4.5M

HayCoin, originally created by Uniswap founder Hayden Adams as an experiment, has made headlines as the founder takes an unexpected step.

In an astonishing turn of events, Hayden Adams, the creator of the decentralized exchange Uniswap, has burned 99.99% of the total supply of HayCoin (HAY), resulting in an astronomical surge in its price. HayCoin, which was initially launched as a test token with no intrinsic value, is now commanding a price of over $3 million per token.

HayCoin rediscovered and named

First released in 2019, HayCoin was part of Uniswap’s early testing phases and was never intended to have any significant value.

Over time, the majority of the token supply was destroyed.

However, in a twist of fate, a group of crypto traders recently stumbled upon the surviving HayCoin tokens and acquired all 4.4 tokens available in the market. They collectively named it “HayCoin” (HAY).

Unprecedented token burn by Uniswap founder

The remarkable development occurred when Hayden Adams decided to take action over the weekend. He made a bold move by burning his entire HayCoin stash, effectively eliminating 99.99% of the total HayCoin supply.

Five years ago, before the launch of Uniswap v1, I deployed a token called HayCoin to use for testing. This was back when gas was so cheap that mainnet could be used as as a testnet. After the launch of v1, I created a small test liquidity pool with a tiny fraction of the total…

— hayden.eth 🦄 (@haydenzadams) October 20, 2023

Token burns involve permanently removing tokens from circulation by sending them to an address beyond anyone’s control. This unexpected act significantly reduced the HayCoin supply, leaving only 4.4 tokens still in circulation.

HayCoin price soars above $3M per token

The impact of this token burn on the price of HayCoin was nothing short of astonishing. At its peak, the price of a single HayCoin token surged to an astounding $4.4 million before stabilizing at a value exceeding $3 million.

Adams, in a clear and concise statement, distanced himself from HayCoin, emphasizing that he has no future involvement with it. He expressed discomfort in owning such a substantial percentage of a token that had become the subject of memes and speculative trading.

The remaining 4.4 HayCoin tokens now hold a unique status, being exceedingly rare and valuable in the eyes of certain crypto investors. The crypto community has been taken by surprise by the rapid appreciation of a token that was once a mere experiment.

This dramatic transformation of HayCoin, from a test token to a multi-million-dollar asset, serves as a testament to the unpredictable nature of the cryptocurrency market and the potential for rapid, unprecedented price movements.

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