A new Solana-based memecoin, “UPONLY,” was recently launched, with 60% of its total supply of 1 billion being sent to prominent cryptocurrency trader Jordan Fish, known as Cobie.
Despite a significant token allocation, Cobie responded by burning the entire token supply, permanently removing the tokens from circulation.
Cobie, who gained popularity by hosting the UpOnly podcast with fellow trader Brian Krogsgard (known as Ledger), has not released an episode since December 2022 following the collapse of the podcast’s sponsor, FTX. When a community member tried to promote the memecoin UPONLY, Cobie dismissed the project and shared a screenshot of a potential swap of the tokens for popular memecoin Dogwifhat (WIF).
If the transaction were to go through, it would have had a slippage of over 90% and would have yielded a potential $55,000 for the 600 million tokens received. Cobie chose to burn the tokens instead.
“They made a memecoin and sent me some, I burned the tokens they sent me and asked them to leave me alone,” Cobie later wrote in a statement on X. Blockchain data from Solscan confirms that there are only 400 million UPONLY tokens left in circulation.
UPONLY’s value has fallen sharply, reaching a theoretical market cap of $45 million before falling to $5.3 million after Cobie’s token burn. According to data from DEX Screener, the token’s market cap is currently around $8 million, but its liquidity is limited to $695,000.
*This is not investment advice.