ME News reports that on October 23 (UTC+8), according to GMGN market data, a new token linked to crypto flaunt influencer Kimchi—project kimchi (accused of being a copycat)—experienced extreme volatility overnight. The token surged to a market cap of approximately $15 million shortly after launch, then plummeted to around $1 million within minutes, and is now valued at only about $150,000. The token was promoted by Kimchi via an X post containing a QR code, and received a retweet from alon, founder of Pump.fun. Shortly afterward, Kimchi deleted the post, the token rapidly lost all value, alon removed the retweet, and Kimchi erased all Pump.fun-related content from their bio. The entire sequence occurred within approximately one hour.
Affected by a凌晨 new token copycat Rug Pull, Kimchi experienced a 49% drop over 24 hours, with its current market cap at $12.71 million. (Source: Foresight News)
Kimchi Token Drops 49% Amid Rug Pull of New Clone Project
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Summary
The Kimchi Token dropped 49% in 24 hours after a rug pull targeted a new altcoin project linked to the influencer. The token, promoted on Kimchi’s X account and endorsed by Pump.fun founder Alon, reached a market value of $15 million before plummeting to $150,000. Kimchi later deleted the post and removed all references to Pump.fun. The crash pushed the Fear & Greed Index to extreme fear levels. The current market cap is $12.71 million.
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