Kimchi Token's market cap collapsed 98% to $277K after Pump.fun co-founder Alon removed his repost and the original promoter deleted their post.
Ecosystem ·
A memecoin tied to crypto trader Kimchi experienced a sharp reversal after promotional activity was withdrawn. Kimchi shared a QR code directing to Project Kimchi this morning, and when Pump.fun co-founder Alon amplified the post, the token's market capitalization climbed to roughly $15M. Both figures then removed their support—Alon deleted his repost while Kimchi took down the original promotion and removed Pump.fun references from his profile—triggering a steep price decline.
The token has since collapsed to approximately $277K in market value, representing a drop exceeding 98% from its peak. Trading volume over the preceding 24 hours stood around $9.3M. Alon had previously characterized Kimchi as instrumental in merging crypto with mainstream culture, but neither party has offered public comment on the reversals.
The mechanics behind the sudden withdrawal remain unexplained. No statement has clarified whether the moves reflect a change in strategy, regulatory concerns, or other factors. The episode underscores how memecoin valuations can swing dramatically based on visibility from influential accounts.