- Hayden Adams has shocked the world after burning 99.9 percent of his HayCoin holdings.
- This has inspired the token to rally by nearly 300 percent to reach as much as $4.5 million.
Uniswap founder Hayden Adams has shocked the crypto world after burning 99.9 percent of his HayCoin (HAY) holdings. This has resulted in the altcoin rallying and marking a new all-time high of $4.5 million after a nearly 300 percent increase in the last 24 hours. Interestingly, the token has rallied by more than 785 percent from its all-time high low of $373,257 reached just 5 days ago. At the time of Adams’ burn, HAY was trading at $657,000.
At the time of press, HAY is trading at $3,209,541 after an 11 percent drop in the last couple of hours. Following the surge, the token’s market cap has reached $129,651,678 which has seen it ranked 2145 in a market with more than 1.8 million tokens.
The burnt tokens held a value of around $650 billion which was in part why Adams burnt it noting he was uncomfortable holding such a large portion of the tokens supply. He was further concerned with the recent surge in trading activities and speculations within the crypto community. The Uniswap founder explains that a portion of the community has been treating the token as a meme coin, driving its trading activity and value higher. In a post on the X platform, he explained;
I will have no future involvement, have burned all the HAY in my wallet, and think speculating on it is silly. Also prefer a new logo that is not my PFP – ultimately if my photo is used in this way I may consider image takedowns.
Some in the community have accused the founder of profiting from the token. In response, Adams clarified that he had not sold any tokens except those sold in test transactions several years ago.
To be clear since since I see people posting misinformation, I did not sell any before burning https://t.co/CtybFCCBp9
— hayden.eth 🦄 (@haydenzadams) October 20, 2023
It is important to note that of the tokens remaining in circulation, more than half are held in a single wallet. This level of centralization means the token is highly prone to manipulation.
As explained by Hayden, HayCoin was launched 5 years ago before the launch of Uniswap v1. After the launch of Uniswap v1, he created a small test liquidity pool with a tiny fraction of the total supply. He also used it to test the migration contract from Uniswap v1 to v2. Over the years, the token has garnered great attention and now prompted some action from the creator. he now says he will no longer be involved with the token and he believes trading it is ‘silly.’
In spite of these comments, the token has continued to receive major recognition. During the weekend, popular crypto exchange Poloniex announced the listing of the token. This not only demonstrates its demand but further helps drive its adoption.
HayCoin #HAY is Poloniex newest listing! 🚀
Deposit will be opened on October 22nd, 11:30 (UTC)
October 22nd (UTC), Post-only mode will be enabled on 11:30 & Full trading will be enabled on 12:30
For more information, please visit:https://t.co/6ZC765qoZ7 pic.twitter.com/XQKDAkgtLd
— Poloniex Exchange (@Poloniex) October 22, 2023
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