Kimchi Token Market Cap Crashes Over 98% to $284K After Pumpfun Co-Founder Removes Repost
Project Kimchi’s market capitalization has fallen by more than 98% from its peak of approximately $15 million to around $284,000 after Pumpfun co-founder Alon removed a repost featuring the new memecoin, according to information reported by Wu Blockchain. The token had briefly reached the $15 million valuation after crypto trader Kimchi shared a promotional image containing a QR code linked to the project.
The sharp reversal followed a series of changes to social media posts and profile information involving Kimchi and Alon. After Alon removed his repost, Kimchi deleted the original promotional post and removed the word “pumpfun” from his bio. The token’s price subsequently fell sharply.
Social Media Posts Preceded the Token’s Market Cap Decline
Kimchi published the promotional image earlier that morning, directing attention to Project Kimchi, a newly launched memecoin. Alon’s repost was followed by a rapid increase in the token’s market capitalization, which briefly reached approximately $15 million.
However, Alon later removed the repost, and Kimchi deleted the original post. Kimchi also removed “pumpfun” from his profile bio. The token’s markets capitalization then dropped substantially from its earlier peak.
The sequence of events establishes a timeline between the social media changes and the token’s decline, but the information reported by Wu Blockchain does not independently establish that the deleted posts were the sole cause of the market-cap drop.
GMGN Reports Market Cap of Approximately $284,000
According to data attributed to GMGN, Project Kimchi’s market capitalization stood at approximately $284,000 after falling more than 98% from its peak of around $15 million. The token also recorded approximately $9.3 million in trading volume over the past 24 hours.
The reported figures show a substantial difference between the project’s brief peak valuation and its subsequent market capitalization. The $9.3 million in 24-hour trading volume provides an additional measure of trading activity during the period, although the available information does not specify the number of traders or the direction of individual transactions.
Neither Kimchi Nor Alon Has Publicly Explained the Changes
Alon had previously described Kimchi as “the first trader to truly bridge crypto and pop culture.” That earlier characterization provides context for their public association, but neither Alon nor Kimchi has publicly explained why the repost and original promotional post were removed, according to the report.
The available account does not provide a further explanation for the deletions or identify another confirmed catalyst for the token’s price decline. The latest figures cited by GMGN put Project Kimchi’s market capitalization at approximately $284,000, down more than 98% from its reported peak, alongside around $9.3 million in 24-hour trading volume.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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