Kimchi Token’s Market Cap Plunges Over 98% to $284K After…
By Karthik Subramanian
AI summary of the source article
Solana-based memecoin Project Kimchi's market capitalization plunged over 98% to $284,000 after Pump.fun co-founder Alon and trader Kimchi deleted promotional posts on X. Analytics firm Lookonchain flagged suspicious pre-promotional token transfers to Kimchi's wallet.
Why it matters
The episode highlights the risks associated with influencer-driven memecoin launches, where social media endorsements can rapidly influence valuations despite limited transparency surrounding token ownership and trading activity.
Key facts
- Project Kimchi's market cap dropped more than 98% from roughly $15 million to $284,000 following deleted social media endorsements.
- Lookonchain reported that trader Kimchi's wallet received approximately 500 million KIMCHI tokens prior to promotional activity.
- Pump.fun's daily revenue fell about 16% from $1.61 million to $1.35 million over two days following the incident.
Source excerpt · FinanceFeeds
A Solana-based memecoin called Project Kimchi suffered a dramatic collapse on October 23, 2026, with its market capitalization plunging more than 98% from approximately $15 million to $284,000 after Pump.fun co-founder Alon removed a promotional repost on X. The token's rapid rise followed a promotional image published by cryptocurrency trader Kimchi, known as @kimchi1x, featuring a QR code direct…