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The Downfall of $KIMCHI:
From $15M to Just $232K:
October 22–23:
- @kimchi1x receives 500 million $KIMCHI tokens, around 50.88% of the total supply
- posts a promo image with a QR code linking to the token
- Pumpfun co-founder @a1lon9 reposts the promotion
- shortly afterward, a1lon9 removes the repost
- @kimchi1x deletes the original post and removes "@ Pumpfun" from his bio
- $KIMCHI's market cap hits an all time high of $15.2M
- then the token crashes by more than 95%
- its market cap falls to roughly $232K
- that's a drop of nearly 98.5% from its peak
At the same time:
- @lookonchain tracks wallets that bought early and sold into the price rise
- Those wallets reportedly made over $385K in combined profits
- The 500M token allocation to the Kimchi linked wallet was visible onchain
The bigger picture:
- This happened days after Pumpfun publicly announced its partnership with Kimchi
- A separate Kimchi linked wallet had reportedly received 1.35B PUMP tokens, worth around $6.3M at the time
- The purpose of that allocation has not been officially confirmed.