Coinbase, the US-based cryptocurrency exchange, reportedly spent around $25 million to acquire a non-fungible token (NFT) to revive UpOnly, a once-famous cryptocurrency podcast.
This announcement sparked controversy among individuals. To address these concerns, Coinbase CEO Brian Armstrong confirmed that the “rumors” were true, arguing that the firm purchased the NFT purposefully to bring back the UpOnly podcast for a new season.
Additionally, data from Arkham Intelligence illustrated that the crypto exchange transferred approximately $25 million in USDC to Jordan Fish’s wallet. Jordan Fish, popularly known as “Cobie,” is the podcast host and crypto influencer.
Crypto community expresses its eagerness for the return of UpOnly
In 2021, the original podcast gained popularity due to the bull market and its interviews with prominent figures from the crypto industry. Sam Bankman-Fried’s FTX sponsored it at the time before the leading cryptocurrency exchange collapsed.
Following FTX’s collapse, the podcast posted its last episode on YouTube in December 2022. This led people to engage in heated debates as some projected a hopeful attitude for the return of UpOnly.
In May, Cobie decided to respond to people’s concerns. The podcast host stated that he could no longer decide whether UpOnly returns. He explained that the control was currently held within his created NFT. Therefore, according to him, the podcast will start again when this NFT is burned.
The NFT was listed on OpenSea, but the highest bid was only 4.7 ETH, roughly $18,500. Based on the range of bids, analysts suggest that Coinbase may have paid too much for it.
With its sale, the NFT now ranks as the fifth most expensive NFT sold in the history of cryptocurrencies. Coinbase declined to comment on the requests.
Regarding the intense nature of the situation, Cobie shared an X post asking, “Wow, what’s going on?” He made this comment while stating that it has been three years since UpOnly ended. “I was in my 20s when it began, and now I have grey hair. We should rename it Unc Only, and I’ll invest $25 million in cosmetic surgery. See you soon,” he added.
Responding to his X post, Coinbase mentioned that it is time for Unc to go live.
Coinbase’s UpOnly purchase ignites UPONLY meme coin prices
During its operation, UpOnly positioned itself as a podcast that concentrates more on entertainment than on delivering valuable information. However, after several considerations, sources concluded that the podcast often falls short in both areas.
As of this publication, a meme coin known as UPONLY on Coinbase’s Layer 2 network, Base, gained 7,900% before falling again. Another meme coin, COBIE on Base, surged by 5,800%, according to DEX Screener.
At the same time, a Solana-based meme coin with a similar UPONLY name rose by approximately 250%.
Now that Coinbase aims to revive UpOnly, crypto investors have begun sharing their new predictions for the UPONLY meme coin’s market price.
One of those investors is “Rune,” who shared an X post pointing out that in 2024, an UPONLY meme coin hit $50 million on Solana, but UPONLYTV was not revived. Following Coinbase’s recent investment of approximately $25 million to revive the podcast, crypto investors believe that a related Base meme coin could potentially reach $500 million.
On related developments, Armstrong caught the public’s attention by announcing that his team is moving closer to making private stablecoin transactions available on the Ethereum layer-2 Base. This development has triggered analysts to believe that the privacy of public blockchains will be greatly improved.
In an X post dated Tuesday, October 21, Armstrong mentioned that “Base is working on private transactions.” The CEO stated that the cryptocurrency exchange bought the crypto privacy platform Iron Fish in March to achieve this goal.
Several individuals have raised concerns about the private transactions. Some questions include whether the privacy feature will need Know Your Client checks. Despite the intense discussions, Armstrong did not answer those questions and asserted that more transaction details would be provided soon.
Still, others expressed a preference for private crypto transactions because they safeguard their financial information, keep transactions private, and reduce the chances of being attacked by hackers or scammers.
In the meantime, reliable sources have reported that several leading innovators in cryptocurrency privacy have faced significant legal challenges. This includes Tornado Cash developers Alexey Pertsev and Roman Storm, as well as the founders of Samourai Wallet, Keonne Rodriguez and William Lonergan Hill.
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