As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find Cobie’s actions intriguing. It’s not every day that we see a high-profile figure like him burning 60% of a meme coin’s supply, especially one named after his former podcast.
In response to a user advertising the pump for the meme coin, Solana Pump.fun, which mimics his UpOnly podcast, Cobie, the crypto influencer and investor, stated, “I’ll catch up with you in the future, perhaps in a metaphorical sense.
As analyst Jordan Fish, commonly recognized as Cobie, I found myself in possession of 600 million units of a Solana-based meme coin called UPOONLY on Friday, November 8th. The tokens were gifted to me, and while they share a name with my previous crypto show, I want to clarify that I’m not associated with this specific meme token. On the same day, I decided to burn 60% of the total supply in circulation, which was within my control as the holder of a significant portion of the coins.
Initially, Cobie posted a snapshot showing an exchange from UPONLY coins to the Dogwhatever token (WIF) on Twitter. The trader subsequently shared another image that appeared to be a burn transaction, accompanied by the comment – “I burned this for a laugh, it was ‘valued’ at around $17 million!
Burning in crypto means tokens are forever destroyed and removed from the circulating supply.
Solana’s blockchain explorer, Solscan, verified that Uпонли’s total supply has been adjusted to 400 million tokens, suggesting that Fish did indeed destroy or ‘burn’ 600 million of these tokens. As reported by DEX Screener, the market capitalization of Uпонли momentarily reached $45 million before dropping down to a valuation of $4.3 million following Cobie’s burn.
The UpOnly podcast, previously supported by the closed FTX cryptocurrency exchange, was jointly hosted by Cobie and Brian Krogsgard, also known as Ledger. After the closure of FTX in late 2022, both hosts have ceased production of the show and moved on to other crypto-related projects.
Reportedly, the fish, specifically, is said to be developing Echo – a joint venture focusing on crypto angel investments. However, most of Krogsgard’s activities still remain shrouded in mystery.
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2024-11-08 19:54