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.
Related posts
-
Latam Insights: Paraguay Raises Bitcoin Mining Power Fees, Bolivia Praises Stablecoins as Dollar Proxy
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during... -
Germany’s Bitcoin Wallet Dips Below 40,000 BTC After Weekend Transfer
Germany has divested 1,400 bitcoin from its government reserves, reducing the total from 41,226 BTC to... -
Bitcoin Network Sees Second Largest Difficulty Reduction of 2024
On July 4, 2024, the Bitcoin network experienced its second-largest difficulty reduction since the year’s start....