The price of the first-ever tokens floated on the decentralized exchange Uniswap climbed to $5.5 million apiece Thursday morning, shortly after a long-term holder burned a significant number.
HayCoin (HAY), which then dropped back to $3 million, now has just 4.35 tokens in circulating supply spread among 5,800 holders, data from DEXTools show. They currently have a market capitalization of nearly $14 million. Apart from the tokens in circulation, there are no HAY tokens held in any other wallets.
The original tokens were released by Uniswap creator Hayden Adams in 2019, when the exchange was in its very initial stages. While the tokens were never intended to hold any value, and a large part of the supply was destroyed soon afterward, a group of crypto traders stumbled upon some of the surviving ones earlier this month. They were able to acquire those available to the market – and called 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 by sending them to an address that’s not controlled by anyone, with the action likely helping boost prices.
HAY has quickly built a community following that treats the tokens as a digital relic – some even terming it the “original meme coin.”
Being the first of anything can usually end up attracting value among crypto investors, even though there may be no inherent value.
In 2021, some developers were able to relaunch Etheria, a collection of digital land issued just three months after Ethereum was released in 2015. The collection – widely considered the first-ever NFTs – sold for under $1 at their launch, but zoomed 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.