Discover how HayCoin, initially a test token, saw its price skyrocket to a staggering $4.5 million after Uniswap founder Hayden Adams burned nearly all of the total supply.
Dive into the details and understand why trading this volatile and essentially valueless token should be avoided.
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Uniswap Founder Hayden Adams Destroys Nearly All HayCoin Holdings
Hayden Adams, the founder of decentralized exchange (DEX) Uniswap, announced on October 21, 2023, that he had burned 99.9% of HayCoin (HAY) he owned.
HayCoin was initially issued by Adams as a "test token" prior to the release of Uniswap v1. Remarkably, Adams held 99.9% of the total supply.
The token had come to be treated as a "speculative meme coin" by some, inflating its value to an absurd total of approximately $650 billion.
Consequently, Adams made the decision to burn the entire amount.
In his announcement, Adams stressed that he will not be involved with this token in the future. He also clarified that he does not wish for his profile picture to be used as the logo for the token.
HayCoin Price Reaches a Whopping $4.5 Million
Though Adams made the burning announcement on October 21, 2023, the price of HayCoin seems to have soared even more thereafter.
According to data from CoinMarketCap, "the price of HayCoin surged to $4.5 million on October 23, 2023."
At the time of writing this article, the price has dropped to $3.13 million. Given that the token was issued purely for testing purposes and holds no intrinsic value, its price could crash dramatically.
Therefore, trading this token should be avoided.
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