HayCoin, a test coin deployed by Hayden Adams, skyrocketed in value after the Uniswap creator burned 99.99% of the token's supply.
Adams burned HayCoin after feeling uncomfortable about owning "almost the entire supply," he wrote on social media. He opted to burn the 99.99% of HayCoin in his possession, which caused the coin's price to skyrocket 307%.
One HayCoin now costs over $2.5 million as of 3:38 p.m. ET on Oct. 20, according to the crypto price tracker DexTools.
Adams described on social media how he deployed HayCoin before Uniswap V1's launch for testing purposes.
"After the launch of V1, I created a small test liquidity pool with a tiny fraction of the total supply and left the remainder in my wallet. I also used it to test the migration contract from Uniswap V1 to V2. Over the years, a few people have noticed it and bought it as a joke/for the novelty of it," Adams wrote.
"Was extremely surprised to see people buying and selling significant dollar amounts this past week, treating it like a memecoin," he added. "Crypto can be weird sometimes."
Adams said he would have no future involvement in with the coin, having burned his entire supply. He said speculating on it would be "silly."
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.