HayCoin’s Price Reaches $4.5M Days After Uniswap CEO Burns 99% Of Tokens

• Uniswap CEO Hayden Adams burned 99% of the total HayCoin supply, sending its price to an all-time high of $4,532,822.
• After reaching $4.5 million, HayCoin currently trades at $3.5 million.
• Adams emphasized that he has no future involvement with the token, discouraging speculation about it.

Hayden Adams, creator and CEO of Uniswap, burned 99% of the total HayCoin (HAY) supply, leading the coin to reach its all-time high of $4,532,822 on October 22. According to CoinGecko, the price of HayCoin saw an unprecedented surge, reaching $4 million in a few days. However, the price of the token plummeted in the following hours. At the time of writing, the token was trading at $3,501,672. Moreover, HayCoin’s current market cap is $199,742,217.

While the twenty-four hour volume of the token was $6,851,166, that’s a 13.6% decrease from the previous day. This decrease could be a sign that the traders are planning to hold the coin in the hope of the price going higher. However, if traders started to sell the coin during the bull run, the price could fall from its current value.

Before Adams burned 99% of the tokens, the price of HayCoin was $373,257 on October 18, which is its all-time low. After the burn, the price increased by 838.82%.

Adams shared that before the launch of Uniswap V1, he deployed HayCoin to use for testing. At that time, “the gas was so cheap that the mainnet could be used as a testnet.” Moreover, he added that he created a small test liquidity pool with a tiny fraction of the total supply and left the remainder in his wallet.

Adams explained that he wasn’t comfortable with owning approximately 99% of the supply, which led to the decision to burn the full amount in his wallet, which was valued “at an absurd $650 billion.”