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

Here’s why HayCoin has garnered a substantial following and is recognized as a digital relic.

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.