Odaily Planet Daily reports: After Solana trader Kimchi (@kimchi1x) joined Pumpfun, the namesake meme coin $Kimchi surged rapidly: Social media records show the token reached a market cap of $30 million within about 10 minutes of launch and briefly surpassed $40 million an hour later. Pumpfun co-founder Alon has publicly confirmed the collaboration, stating that Kimchi is involved in shaping the platform’s creative direction; Alon also believes that $Kimchi is blurring the boundaries between crypto trading and popular culture, creating a new social trading narrative.
On-chain analyst Ai Yi stated that Kimchi-linked wallets withdrew approximately 1.35 billion PUMP tokens over the past three hours, valued at around $6.43 million; it is reported that Kimchi holds 75.32% of the total $KIMCHI supply, and their X profile bio has been updated to @pumpfun. Market attention has quickly focused on the token distribution and the individual's influence due to this holding percentage.
An address purchased 9.91 million $Kimchi tokens for 8 SOL, approximately $848, then sold 4.88 million tokens to receive 1,045 SOL, approximately $111,000; the address still holds 5.03 million tokens, valued at approximately $171,000, with reported cumulative profits of about $282,000. Another on-chain record shows that the trader initially invested $849.29 when the market cap was only $85,700, followed by an additional $160.20, and has since sold half of the tokens to realize approximately $111,000 in profits, with the remaining position showing an unrealized gain of approximately $162,000.