2023-10-22 02:54:24
HayCoin ($HAY), the first test token launched on Uniswap in 2018 by Uniswap founder Hayden Adams, soared more than 7,000% in less than five days. Hayden actually chose to sell the 99.99 he held % of all tokens are destroyed, why is this?
(Previous summary: Uniswap collapse appeal: I hope that encryption projects will “vampire attack on Web2” and stop forking us)
(Background supplement: The story behind Uniswap founder Hayden Adams: a unicorn that soared into the sky)
If “Bitcoin spot ETF” is the hottest discussion topic among retail investors and institutional investors this week, then for on-chain currency speculators, HayCoin ($HAY) is definitely the biggest winner this week, a project led by the founder of Uniswap The first token launched by Hayden Adams on Uniswap skyrocketed by more than 70,00% in less than five days.
What exactly is HayCoin?
What is HayCoin? Before Uniswap was launched in 2018, its founder Hayden Adams deployed a token called HayCoin in order to test the token. At the same time, he created a small liquidity pool that only accounted for a small part of the total supply. And keeps over 99.9% of HAY tokens in his wallet.
Interestingly, as on-chain trading activity picked up this week, HayCoin has become the target of speculation among on-chain investors because the token has interesting trading discussions (hype topics) and is easy to pull (more than 99.9% Liquidity is in Adams), and the token has continued to rise this week.
Uniswap founder destroys 99% of HayCoin to fight against hype
As things stand, HayCoin is experiencing a surge, and the biggest beneficiary will be Hayden Adams. However, he was dissatisfied and posted an article last night (21st).express：
Over the years, some people have taken notice of HayCoin and viewed it as a joke/purchased it because of its novelty.
I was very surprised to see people buying and selling a lot of HayCoin over the past week, thinking of it as a meme coin. Cryptocurrencies can be really weird sometimes.
Hayden Adams went on to point out that he felt uncomfortable with having almost the entire supply of the coin (approximately 99.99%) that people were mocking and speculating on, so decided to burn all HayCoin tokens in the wallet.
He emphasized seriously:
To be very clear I will not be involved in it in the future, I have burned all the tokens in my wallet and think it would be foolish to speculate on it. In addition, I suggest the community not to use my photo post (PFP) to promote the HayCoin token. I have nothing to do with this token.
What is even more astonishing is that the HayCoin tokens destroyed by Hayden Adams this time were worth nearly 650 billion US dollars (650 Billion).
Extended reading: $6.7 billion burned! Vitalik destroyed “410 trillion SHIB” and the currency price soared 55%, sighing: Don’t give me any more coins without my permission
HayCoin surges 70,00%
However, after Hayden Adams destroyed the token, not only did it not reduce the enthusiasm of speculators to speculate on meme coins, but on the contrary, HayCoin continued to surge due to the forced deflation of the token.
According to DEXSCREENER data, after HayCoin was destroyed, it rose by more than 200% in the past 24 hours. As of the deadline, each HAY was temporarily valued at 3.71 million U.S. dollars. If viewed in a five-day period, it has soared by more than 70,00%. .
Extended reading: Is buying Meme coins at the bottom during a bear market the stupidest choice?
Image source: DEXSCREENER
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