New Solana-Based Memecoin: UPONLY

On Friday, an unknown entity launched a new Solana-based memecoin called UPONLY, with 60% of its 1 billion supply sent to Jordan Fish, known online as Cobie.

Background

Cobie previously hosted the UpOnly crypto podcast with fellow trader Brian Krogsgard (Ledger), but they haven't released an episode since December 2022, following the collapse of former sponsor FTX.

Community Response

In response to a community member promoting UPONLY, Cobie remarked, "See you in hell," sharing a screenshot suggesting he could swap the gifted tokens for the popular memecoin Dogwifhat (WIF). This potential transaction warned of a high price impact with slippage over 90%, estimating he would receive about 23,305 WIF ($55,000) for 600 million UPONLY tokens.

Token Burn

Shortly after, Cobie announced he had burned all the received tokens, removing them from circulation. According to data from the Solana blockchain explorer Solscan, only 400 million tokens remain after the burn.

"This was ‘worth’ $17 million when I burned it lol," Cobie tweeted on X, expressing his desire to be left alone after the incident.

Market Impact

The token peaked at a theoretical market cap of $45 million before plunging to $5.3 million. After the burn, UPONLY's market cap settled at approximately $8 million, with liquidity at just $695,000.

Future Plans

Cobie is currently developing a crypto angel investor platform named Echo, allowing users to group up for collective investments in crypto projects.

The controversial Pump.fun platform enables anyone to create and launch a token on Solana, igniting discussions on the effects of memecoins on the crypto sector. In October, Pump.fun recorded a monthly revenue of $30.5 million and plans to launch its own token soon.