Uniswap Founder Burns 99.9% of HayCoin Tokens, Causing Price to Soar Over 300%
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Uniswap founder Hayden Adams burned 99.9% of his HayCoin tokens, leading to a surge in the token's price to over $4 million.
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Adams felt uncomfortable holding such a large portion of the token's supply and wanted to distance himself from HayCoin speculation.
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The burning event caused HayCoin's price to soar over 300% to $2.5 million within 24 hours.
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Some accused Adams of profiting from HayCoin before the burn, but he clarified he only sold tokens in test transactions years ago.
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Over half of the remaining HayCoin supply is still held in a single wallet after the burn.