19.2 C
New York
Saturday, June 15, 2024

The First Token on Uniswap Skyrockets to $5.5 Million Following Burn Event

Must read

The price of HayCoin (HAY), the first-ever token floated on the decentralized exchange Uniswap, witnessed a remarkable surge, reaching a peak of $5.5 million per token on Thursday.

This massive price increase followed token burning by long-term holders, indicating a notable development in the market.

HAY Token Surges to $5.5 Million

On Oct. 26, HAY witnessed a surge in its token price, reaching $5.5 million. This notable increase occurred shortly after a long-term holder, holding 51 HAY tokens since 2019, decided to burn their holdings.

This event followed Hayden Adams, the creator of Uniswap, who also burned his coins on Oct. 21, effectively destroying 99.99% of the total supply and leaving only 4.4 tokens in circulation.

As a result of the limited supply, the token prices experienced rapid growth, leading to a market capitalization of just under $10 million. By last Sunday, the value of a single HayCoin reached $4.4 million before stabilizing at $3 million by Monday.

Following the recent burn, HAY now has a circulating supply of just 4.35 tokens spread among 5,800 holders, according to data from DEXTools. Its market capitalization hovers around the $14 million mark. Apart from the circulating tokens, no other HAY tokens exist in other wallets.

The Unintended Rise of the “Original Meme Coin”

Hayden Adams released the HAY token in 2019 when Uniswap was in its infancy. These tokens were initially intended for testing purposes and were never meant to carry any monetary value.

“Five years ago, before the launch of Uniswap v1, I deployed a token called HayCoin to use for testing,” Hayden Adams wrote in a post on X “Over the years, a few people noticed it and bought it as a joke or for its novelty. Ultimately, I’m uncomfortable owning almost the entire supply (~99.99%) of a token that people are memeing and speculating on,” he added, explaining his decision to burn the tokens.

Despite a significant portion of the supply being destroyed shortly after its creation, a group of crypto traders discovered a handful of the surviving tokens earlier this month. They successfully acquired all 4.4 tokens available on the market and named it HayCoin (HAY).

HAY has attracted a strong community following, with fans regarding the tokens as a digital relic. Some have even labeled it the “original meme coin,” acknowledging its unintentional yet significant place in crypto.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

More articles

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 comments
Inline Feedbacks
View all comments

Latest News