Uniswap Founder Burns 99% of HayCoin Supply
Hayden Adams, the founder of Uniswap, has burned 99% of the total supply of HayCoin (HAY) due to concerns about price speculation and its transformation into a meme token. Adams was surprised by the recent surge in trading volume and the way the token was being treated. He made the announcement on X, formerly Twitter.
Background of HayCoin Token
The HAY token was created five years ago for testing purposes before the launch of Uniswap. Adams had created a small test liquidity pool with a fraction of the total supply, while the remaining 99.9% of HAY tokens were held in his wallet. Recently, the token started trading as a meme coin in the six-figure range, prompting Adams to take action.
“Over the years, a few people have noticed it and bought it as a joke/for the novelty of it. Was extremely surprised to see people buying and selling significant dollar amounts this past week, treating it like a memecoin. Crypto can be weird sometimes.”
Adams Burns Entire Supply
Adams explained that he felt uncomfortable owning nearly all of the HAY token’s supply and decided to burn it. He burned approximately $650 billion worth of HAY tokens from his wallet. He also expressed his desire to distance himself from the token and requested a new logo that is not his profile picture.
HAY Token Price Surges After Burn
After the burn, the price of HayCoin saw an unprecedented surge, reaching $4 million in just three hours. This represents a 300% increase in price. Burning tokens permanently removes them from circulation, creating an inflationary effect on the token’s price due to reduced supply.
Crypto Community Raises Questions
The move by Adams has raised eyebrows within the crypto community. Some users accused him of profiteering from the token before the burn, but Adams denied selling any tokens except those sold in test transactions years ago. Additionally, over half of the remaining HAY tokens are held in a single wallet, which some users find concerning. There are also concerns about the potential tax implications of the token burning event.
Hot Take: Uniswap Founder Burns HayCoin Supply Due to Price Speculation and Meme Treatment
The founder of Uniswap, Hayden Adams, has burned 99% of the HayCoin (HAY) supply due to concerns about price speculation and its transformation into a meme token. Adams expressed discomfort in owning nearly all of the HAY tokens and decided to burn approximately $650 billion worth of them from his wallet. Following the burn, the price of HayCoin surged by 300%. However, this move has raised questions within the crypto community, with some accusing Adams of profiteering and others highlighting potential tax implications. Despite the burn, over half of the remaining HAY tokens are held in a single wallet.
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