Prominent crypto trader Jordan Fish, known online as Cobie, incinerated 600 million UPONLY tokens, a newly launched Solana-based memecoin, shortly after receiving them. The tokens, representing 60% of UPONLY’s total supply, were gifted to Cobie by an unknown entity. At the time of burning, the tokens were theoretically valued at $17 million.
UPONLY, launched on Friday, seemingly referenced Cobie’s former crypto podcast, UpOnly, which he co-hosted with Brian Krogsgard (Ledger). The podcast has been inactive since December 2022, following the collapse of its sponsor, FTX.
Cobie’s response to the unsolicited gift was swift and decisive. After initially posting a screenshot suggesting a potential swap of the UPONLY tokens for Dogwifhat (WIF), he ultimately chose to burn the entire allocation, permanently removing them from circulation. “See you in hell,” Cobie commented to a community member promoting the token, later confirming the burn on X (formerly Twitter), stating, “They made a memecoin and sent some to me, I burned the tokens they sent me and asked them to leave me alone.”
Data from Solscan, a Solana blockchain explorer, verifies the burn, showing a reduction in the circulating supply to 400 million tokens. DEX Screener data reveals UPONLY briefly reached a theoretical market capitalization of $45 million before plummeting to $5.3 million. Following the burn, the market cap stabilized around $8 million, despite a relatively low liquidity of $695,000.
Cobie is currently developing Echo, a crypto angel investor platform designed for collective investments in crypto projects.
