Uniswap Founder HayToken Skyrockets to $2M
In a groundbreaking move on October 20th, Hayden Adams, the founder of Uniswap, burned 99.9% of his HayToken holdings, resulting in a surge in value to over $4 million.
This decision was a response to the recent surge in trading activities and speculations within the crypto community.
Uniswap Creator Burns his HayToken Holding
HayToken was initially created as a testing mechanism for the launch of Uniswap v1, with only a fraction of its total supply released, while the majority was held in Hayden’s wallet.
However, the recent unexpected surge in trading activity prompted Adams to initiate the burn. He expressed surprise at how the token had been treated as a meme coin, stating, “crypto can be strange at times.”
Adams further explained that he felt uncomfortable holding such a large portion of the token’s supply, with the burnt tokens “valued” at around $650 billion. He also announced that he would no longer be associated with the token in the future. He added:
“I will have no future involvement, have burned all the HayTokens in my wallet, and think speculating on it is trivial. Also, I prefer a new logo that is not my profile picture – ultimately, if my photo is used in this way, I may consider image takedowns.”
HayToken Price Soars Above $4M
The burning event caused a remarkable surge in the price of HayToken. Within three hours, the token’s price rose from around $657,000 to over $4 million, according to CoinGecko data.
This burning event resulted in a more than 300% increase in the token’s price.
As of the time of this report, the token’s value remains at $2.5 million, based on CoinGecko data, representing a 281% increase in just 24 hours.
However, some members of the crypto community expressed concerns about Adams’ actions. A user with the username BlockchainGods accused the Uniswap founder of profiting from the token before the burn.
In response, Adams clarified that he had not sold any tokens except those sold in test transactions several years ago.
It’s important to note that even after the burn, more than half of the remaining HayToken tokens in circulation are held in a single wallet. Etherscan data shows that a wallet with the address ‘0xFB263’ holds approximately 54.11% of the remaining HayTokens.
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