Cobie destroys 60% of UPONLY memecoin supply valued at $17 million
Jordan Fish, known as Cobie, made waves in the crypto community by destroying 60% of the supply of a Solana-based memecoin called UPONLY, launched by the Pump.fun platform. This action immediately caught the industry’s attention, especially since these tokens were theoretically valued at $17 million at the time of their destruction.
Cobie, famous for co-hosting the UpOnly podcast with Brian Krogsgard (Ledger), had not released a new episode since their sponsor FTX’s downfall in December 2022. When Cobie received an allocation of 600 million UPONLY tokens, he did not hesitate to express his disdain for the situation.
In response to a community member promoting the token, he sarcastically replied, ‘See you in hell,’ and shared a screenshot of a potential conversion of the tokens into Dogwifhat (WIF), another memecoin, resulting in a substantial loss and a price impact of over 90%.
The token burn and its impact
Moments after this statement, Cobie confirmed that he had burned all the received tokens, permanently removing them from circulation. Solscan, a Solana blockchain explorer, shows that the initial supply of 1 billion UPONLY tokens was reduced to 400 million after this action. ‘It was worth $17 million when I burned them, lol,’ he wrote on X (formerly Twitter). Not content with a symbolic gesture, Cobie explained that he had asked the project initiators to leave him alone, displaying his detachment from unsolicited promotion attempts.
Prior to this destruction, UPONLY had reached a theoretical market capitalization peak of $45 million, according to DEX Screener, before collapsing to $5.3 million. Cobie’s intervention stabilized the capitalization, although the token’s liquidity remains low at just $695,000.
A revealing move for the memecoin market and Cobie’s future
Cobie’s act raises questions about the legitimacy and impact of memecoins in the crypto industry. Pump.fun, the platform that facilitated the creation of UPONLY, allows any user to create and launch a token on Solana. This ease of creation, combined with the often surrounding hype of these projects, propelled the platform to a record monthly revenue of $30.5 million in October. It even plans to launch its own token, adding another dimension to the debate on the ethics and viability of memecoins.
Alongside this controversial move, Cobie is focusing on developing a crypto investment platform called Echo. This tool is designed to enable investors to pool their resources and collectively fund blockchain projects.
