HayCoin, a test coin deployed by Hayden Adams, skyrocketed in value after Uniswap’s creator burned 99.99% of the token’s supply.
Adams burned HayCoin after feeling uneasy about owning “almost the entire stock,” he said wrote on social media. He chose to burn the 99.99% of HayCoin in his possession, causing the coin’s price to skyrocket by 307%.
One HayCoin now costs more than $2.5 million as of October 20 at 3:38 PM ET, according to crypto price tracker DexTools.
Price of HayCoin. Image: DexTools
The history of HayCoin
Adams described on social media how he deployed HayCoin for testing purposes before the launch of Uniswap V1.
“After launching V1, I created a small test liquidity pool with a small portion of the total supply and left the rest in my wallet. I also used it to test the migration contract from Uniswap V1 to V2. Over the years, there a Few people noticed and bought it as a joke/for the novelty of it,” Adams wrote.
“I was extremely surprised to see people buying and selling significant dollar amounts over the past week, treating it like a memecoin,” he added. “Crypto can be weird sometimes.”
Adams said he would not be involved with the mint in the future because he had burned his entire stock. He said speculating on that would be “foolish.”