Why is HAY Coin Pumping? Here’s the Reason Behind 60% Surge

The joke cryptocurrency token HAY, created years ago by Uniswap founder Hayden Adams, has seen its price skyrocket over 60% in the past day.

HAY was originally launched by Adams in 2018, before the creation of the popular decentralized exchange Uniswap. Although it started as a joke meme token, a small community formed around HAY over the years.

Yesterday, Adams made the surprise move to burn 99.99% of the total supply of HAY, leaving only 56 tokens in circulation. Shortly after this massive burn, some crypto enthusiasts added liquidity to HAY and drove up the price from around $500,000 per token to over $4 million per token – representing a massive single-day increase of over 60%.

Source: CoinStats – Start using it today

With the huge reduction in circulating supply coupled with new liquidity, the price of HAY surged as traders entered “degen mode” and tried to get their hands on the suddenly ultra-rare tokens. HAY is currently trading at around $4 million on Uniswap, giving it a fully diluted market cap of around $112 million.

While HAY has no intrinsic utility or value, its parabolic rise demonstrates the power of hype, FOMO, and limited supply economics in the crypto world. The unprecedented price movement of this previously obscure meme token has certainly caught the attention of the crypto community. However, analysts warn that the pump is highly speculative and that HAY prices could crash rapidly.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.