According to CoinDesk, the price of HayCoin (HAY), the first-ever tokens floated on the decentralized exchange Uniswap, climbed to $5.5 million apiece on Thursday morning. The price increase came shortly after a long-term holder burned a significant number of tokens. HAY's price then dropped back to $3 million, with a circulating supply of just 4.35 tokens spread among 5,800 holders. The current market capitalization of HAY is nearly $14 million.
Hayden Adams, Uniswap creator, released the original tokens in 2019 when the exchange was in its initial stages. Although the tokens were never intended to hold any value, a group of crypto traders discovered some surviving tokens earlier this month and acquired those available on the market, calling it HayCoin. The price jumped earlier this week as Adams burned his holdings. On Thursday morning, a wallet with 51 HAY from 2019 also burned the tokens, likely helping boost prices.
HAY has quickly built a community following that treats the tokens as a digital relic, with some even calling it the 'original meme coin.' Being the first of anything can attract value among crypto investors, even if there is no inherent value. In 2021, developers relaunched Etheria, a collection of digital land issued just three months after Ethereum's 2015 release. The collection, considered the first-ever NFTs, sold for under $1 at launch but soared to over $130,000 worth of ether apiece during the previous market bull run, indicating the strong demand that older reincarnations can enjoy among crypto investors.
