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Uniswap Founder Destroys $650B Worth of HayCoin to Combat Speculation

Uniswap Founder Destroys $650B Worth of HayCoin to Combat Speculation

Uniswap founder Hayden Adams has burned 99% of the HayCoin (HAY) supply due to concerns about price speculation. Adams had deployed the HAY token for testing five years ago and kept over 99.9% of the tokens in his wallet. The token had recently been trading like a memecoin, prompting Adams to burn the entire supply valued at around $650 billion. The burning of tokens permanently removes them from circulation and can have inflationary effects on their price. The HAY token is currently trading at $2,392,640, up over 235% in the past 24 hours. Some users raised concerns about the tax implications of the token burning and suggested alternative actions Adams could have taken.

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