Uniswap CEO Burns 99.9% HayCoin Supply, Sparking $3.6M Price

  • HayCoin (HAY) has registered an astronomical high.
  • The development comes after 99.99% of the token’s supply was burned.
  • Uniswap Founder has distanced himself from the remaining tokens in circulation.

HayCoin (HAY), the first token deployed for testing on Uniswap before the decentralized exchange launched officially, is now trading at over $3 million.

The token’s astronomical surge in price stems from an interesting development over the weekend, where Uniswap founder and CEO Hayden Adams revealed that he had burned almost the entire supply of HAY tokens, which was stored in his wallet.

Adams’s Bold Move

In a long tweet on October 20, the CEO announced that he had burned 99.99% of the HAY token supply after users started speculating its price online, with some even buying and selling the token for “significant dollar amounts.”

Although HAY was never intended to hold any value, the CEO stated that the amount he held in his wallet was “valued at an absurd ~$650B.”

Per Adams’s post, the price speculations around HAY are “silly,” and the CEO doesn’t want his profile picture to be associated with the coin.

“To be extremely clear, 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.” Adams stated.

While Adams may not be interested in HAY anymore, the remaining 0.01% of the token’s supply has garnered tremendous nostalgic value following his move.

HAY Price Shoots to Over $3 Million

At the time of press, the self-reported circulating supply for Hay tokens was 56 HAY, with a single token going for $3,654,803, according to live data by CoinGecko.

The nostalgic value attached to the HAY token has attracted the attention of crypto investors, with the last 24-hour trading volume indicating that users are acquiring the tokens in fractions.

Read why Uniswap users are irked by the exchange’s KYC hook feature:
Uniswap Users Up in Arms Over KYC Hook Feature

Stay updated on why Trust Wallet token recently surged:
Trust Wallet Token Surges 13% Following Cryptic Tease

Source link: https://dailycoin.com/uniswap-ceo-burns-99-9-haycoin-supply-sparking-3-6m-price/




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