The first coins ever floated as an experiment by the creator of the decentralized exchange Uniswap are now trading at more than $3 million per token (yes, that’s not a typo), with a supply of just 4.4 tokens. The original tokens were released by Uniswap creator Hayden Adams in 2019, back when the exchange was in its very initial stages. While the first-ever coins to be seeded and traded on the platform were never intended to hold any value, and a large part of the supply was destroyed soon afterwards, a group of crypto traders stumbled upon some of the surviving tokens earlier in this month. They were able to acquire all 4.4 tokens available to the market – and called it HayCoin (HAY). The rest of the undestroyed tokens were held in a wallet owned by Adams. The limited supply helped boost the price of the open-market coins to hundreds of thousands of dollars shortly after being traded, giving a market capitalization of under $10 million. Adams, however, burned his stash on Saturday, effectively destroying 99.99% of the total supply and sending the price skyrocketing.
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Written by Bankerage Published on October 23, 2023