Uniswap's HayCoin (HAY) Experiences Explosive Price Surge Following Token Burning
Originally a test token, HayCoin has become a crypto sensation, with dramatic price rally.
HayCoin (HAY), the first token ever launched on the decentralized exchange Uniswap, saw an extraordinary price surge, peaking at $5.5 million per token on Thursday. This significant price hike was triggered by token burning by long-term holders, marking a significant market development.
On Oct. 26, HAY’s token price experienced a surge, reaching $5.5 million. This substantial increase came shortly after a long-term holder, who had held 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.
Due to the limited supply, token prices saw 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 is around the $14 million mark. Apart from the circulating tokens, no other HAY tokens exist in other wallets.
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.