Crypto Influencer Cobie Burns 60% of the Supply of a Solana (SOL) Meme Coin Issued via Pump.fun
- Barbara StreisandOriginal
- 2024-11-09 04:14:10443browse
Jordan Fish, known more popularly as Cobie, burned 60% of the supply of a Solana (SOL) meme coin issued via Pump.fun on Friday, Nov. 8
Solana (SOL) Pump.fun meme coin encountered a surprising twist on Friday, Nov. 8, as crypto influencer and investor Cobie burned a significant portion of the tokens. The tokens were gifted to him as part of a promotion for the meme coin, which is named after Cobie's former crypto show.
According to Solana (SOL) blockchain explorer Solscan, the total supply of UPONLY was adjusted to 400 million following the burn. This indicates that Fish burned around 600 million of the tokens.
Upon its launch, UPONLY quickly soared to a market cap of $45 million, according to DEX Screener. However, following Cobie's burn, the token's market cap резко упал to $4.3 million.
Cobie, known for his commentary on crypto and his podcast UpOnly, received a large amount of the tokens from an anonymous developer. The tokens were generated and distributed as part of a promotion for a meme coin that shares a name with Cobie's former crypto show.
Despite the tokens being named after his podcast, Cobie has stated that he is not involved with the meme token.
Upon receiving the tokens, Cobie tweeted a screenshot of a swap from UPONLY coins to another meme token, Dogwifhat (WIF), which features a dog wearing a hat. The crypto influencer also shared another picture of what appeared to be a burn transaction, with the caption "This was 'worth' $17 million when I burned it lol."
Burning in crypto involves permanently destroying tokens and removing them from the circulating supply. This process is typically done by sending the tokens to a "burn address" or a dead wallet, rendering the tokens inaccessible and reducing the overall token count.
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