Memecoin Mania – New Solana Memecoin UPONLY Faces Major Setback After Cobie Token Burn
Memecoin Mania – On Friday, an unknown entity launched a Solana-based memecoin called UPONLY, sending shockwaves through the crypto community. The project issued a total supply of 1 billion tokens, with a substantial 60% (600 million UPONLY tokens) of the supply being sent to Jordan Fish, a well-known crypto trader and influencer, known online under the pseudonym Cobie. Cobie is also famous for co-hosting the UpOnly crypto podcast alongside fellow trader Brian Krogsgard (Ledger), although the pair have not released new episodes since December 2022, shortly after the collapse of their former sponsor, FTX.
Cobie’s response to receiving the tokens was as direct as his reputation in the crypto space. When a community member promoted UPONLY to him, Cobie posted a blunt “See you in hell,” accompanied by a screenshot of a potential swap involving the UPONLY tokens and the popular memecoin Dogwifhat (WIF). According to the swap data, had the trade been executed, it would have resulted in slippage of over 90%, receiving only around 23,305 WIF tokens (worth approximately $55,000) in exchange for 600 million UPONLY tokens.
Cobie Burns Tokens, Reduces UPONLY’s Market Cap
Shortly after, Cobie took drastic action, announcing he had burned all the tokens he received, permanently removing them from circulation. This move effectively made the 600 million UPONLY tokens useless. Cobie himself tweeted, “This was ‘worth’ $17 million when I burned it lol,” highlighting the significant reduction in UPONLY’s supply.
According to Solscan, a Solana blockchain explorer, only 400 million UPONLY tokens remain in circulation following the burn. The token briefly hit a theoretical market cap peak of $45 million on Friday, but it collapsed dramatically, dropping to around $5.3 million. After the token burn, UPONLY’s market cap adjusted to approximately $8 million, though with a low liquidity of just $695,000, as per DEX Screener data.
Cobie’s New Ventures and Crypto Impact
Cobie, who is known for his no-nonsense approach to crypto projects, is currently working on launching a new platform, Echo, designed for crypto angel investors. Echo allows members to join together in groups to make collective investments in promising crypto projects, marking a new venture for Cobie following his controversial involvement with the UPONLY launch.
Memecoin Debate and the Rise of Pump.fun
The launch of UPONLY has reignited discussions about the growing trend of memecoins and their influence on the broader crypto industry. The Pump.fun platform, responsible for enabling anyone to create and launch Solana-based tokens like UPONLY, has drawn both praise and criticism. According to reports, Pump.fun saw its highest monthly revenue ever, generating $30.5 million in October. The platform is also planning to launch its own token in the near future, which is expected to stir even more conversation about the potential for memecoins to shape the crypto landscape.
Critics argue that platforms like Pump.fun are encouraging the proliferation of low-value tokens that lack real utility, while proponents believe they democratize the ability to create projects on the blockchain. As the debate continues, projects like UPONLY will likely be at the center of discussions about memecoin culture and its role in the evolving cryptocurrency ecosystem.
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