In a surprising move that sent ripples through the crypto community, Hayden Adams, the founder of Uniswap, took a bold step on October 20th by burning a whopping 99.9% of his HayCoin holdings. The immediate aftermath of this decision saw the token’s value skyrocket to over $4 million.
HayCoin, initially conceived as a testing mechanism for the launch of Uniswap v1, had a minimal fraction of its total supply in circulation, with the majority securely nestled in Hayden’s wallet. The recent surge in trading activities and speculative interest within the crypto sphere prompted Adams to initiate the decisive burn, underscoring his concern about how the token had been reduced to a meme coin in the eyes of many.
Adams expressed his amazement at the peculiar nature of the crypto world, stating, “crypto can be weird sometimes.” His discomfort at holding such a substantial portion of the token’s supply led to the decision to burn it. The value of the burnt tokens was estimated at around $650 billion, and, significantly, Adams declared his intention to disassociate himself from the token in the future. He made it clear that he would have no further involvement, and to distance himself from the project, he also expressed a preference for a new logo that did not use his personal photo.
The burning event had an immediate and dramatic impact on the price of HayCoin. In the hours following the burn, the token’s value surged from approximately $657,000 at 7:00 p.m. to over $4 million just three hours later, according to data from CoinGecko. This represented a remarkable 300% increase in value.
As of the latest available data, the token’s price remains at $2.5 million, marking a notable 281% increase within a 24-hour timeframe.
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However, not everyone in the crypto community viewed Adams’ actions in a positive light. Some, including a user with the handle BlockchainGods, accused the Uniswap founder of potentially profiting from the token before initiating the burn. In response to these allegations, Adams clarified that he had not sold any tokens, except for those sold in test transactions several years ago.
It is important to note that despite the burn, a significant portion of the remaining HayCoin tokens in circulation is held in a single wallet. According to data from Etherscan, a wallet with the address ‘0xFB263’ accounts for roughly 54.11% of the remaining HayCoin tokens, prompting discussions and speculations within the crypto community about the implications of this concentration of ownership.
