HayCoin surges after Uniswap creator Hayden Adams burns near total supply of test coin
Quick Take
- Hayden Adams burned 99.99% of the supply of HayCoin, a test coin he launched in 2018, after feeling uncomfortable owning nearly all the supply.
- After the burn, the token’s price spiked 307% to $2.5 million, according to DexTools.
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.
Price of HayCoin. Image: DexTools
HayCoin's history
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."
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