An unknown entity launched a new Solana-based memecoin called “UPONLY” on Friday, with 60% of its 1 billion supply sent to the well-known crypto trader Jordan Fish, known online under the pseudonym Cobie.
Cobie previously hosted the UpOnly crypto podcast alongside fellow trader Brian Krogsgard, also known as Ledger. However, the pair have not released an episode since December 2022, just after the collapse of former sponsor FTX.
“See you in hell,” Cobie responded to a community member promoting UPONLY, alongside a screenshot of a potential swap between the gifted tokens and the popular memecoin Dogwifhat (WIF). Had it been initiated, the transaction warned of a high price impact with slippage of more than 90% to receive around 23,305 WIF ($55,000) for the 600 million UPONLY tokens.
However, shortly afterward, Cobie announced he had burned all the tokens received — meaning they were permanently removed from circulation, making them unusable. Data from the Solana blockchain explorer Solscan confirms there are now just 400 million tokens remaining.
“This was ‘worth’ $17 million when I burned it lol,” Cobie said on X. “They made a memecoin and sent some to me, I burned the tokens they sent me and asked them to leave me alone," he told The Block.
DEX Screener shows the token reached a theoretical market cap peak of $45 million at one point on Friday before collapsing to $5.3 million. Following Cobie’s token burn, UPONLY’s market cap at its new circulating supply is currently around $8 million, according to the platform, though it has liquidity of just $695,000.
Cobie is currently building a crypto angel investor platform called Echo, designed for members to join together in groups and make collective investments in crypto projects.
The now infamous Pump.fun platform allows anyone to create and launch a token on Solana, sparking debate over the impact of memecoins on the crypto industry. Pump.fun recorded a new monthly all-time high revenue of $30.5 million in October. The project is also planning to launch a token of its own.
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