The market cap of the memecoin Project Kimchi fell more than 98%, dropping from a peak of around $15 million to $277,000.
According to GMGN data reported by Wu Blockchain, trader Kimchi shared an image on the morning of October 23 promoting the new memecoin Project Kimchi and directing users to the token via a QR code. After Pump.fun co-founder Alon reposted the image, the token’s market cap briefly rose to around $15 million.
Alon later removed his repost. Kimchi also deleted the original promotional post and removed the word “pumpfun” from their profile. The token’s price plunged following these changes.
GMGN put Project Kimchi’s 24-hour trading volume at around $9.3 million.
Alon had previously described Kimchi as the first trader to truly bring crypto and popular culture together. Alon and Kimchi made no public statement about the removed repost or deleted post.
Not investment advice.