Over Price Speculation Concerns, Uniswap Burns HAY Tokens
Hayden Adams,
Uniswap founder, burned over 99% of the HayCoin (HAY) supply on October 20 due to worry about price speculation. The HAY token created for testing motives, saw unexpected trading activity, with a market value of around $650 billion. Burning tokens immutably removes them from circulation, impacting their price. HAY is currently trading at $2,392,640, up more than 235% in the past 24 hours. While the step had a remarkable effect, some users raised concerns about potential tax implications and suggested that Adams could have sold the
tokens and donated the proceeds instead.
