- HayCoin (HAY) has registered an astronomical high.
- The development comes after 99.99% of the tokenโs 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.
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The tokenโs 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.
Adamsโs 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 โsignificant dollar amounts.โ
Although HAY was never intended to hold any value, the CEO stated that the amount he held in his wallet was โvalued at an absurd ~$650B.โ
Per Adamsโs post, the price speculations around HAY are โsilly,โ and the CEO doesnโt want his profile picture to be associated with the coin.
โTo 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.โ Adams stated.
While Adams may not be interested in HAY anymore, the remaining 0.01% of the tokenโs 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 exchangeโs KYC hook feature:
Uniswap Users Up in Arms Over KYC Hook Feature
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