Meme coin Kimchi on the Solana blockchain hits $40 million market cap just one hour after launch.

According to GMGN market data, the Solana-based meme coin Kimchi hit a $40 million market cap within one hour of launch, and is currently trading at $38.71 million with a trading volume of $23.7 million. X platform user Kimchi (@kimchi1x) currently holds 75.32% of the meme coin’s total supply. The trader is known for his low-profile, mysterious persona; his account rarely posts trading records or trade calls, instead sharing photos and videos of high-end daily life including luxury goods, travels, high-end cars, and watches. His X bio has been updated to @pumpfun. Pump.fun co-founder Alon posted that Kimchi is the first person to truly bridge the gap between the crypto industry and pop culture, and the first case of a trader growing into a public celebrity. He represents the industry’s future direction: building a large social trading ecosystem to attract more retail users, growing the ecosystem’s size to 10 times that of the previous cycle. The next wave of users will not come from CT (Crypto Twitter, the crypto Twitter circle), but from the broader general public. Pump.fun is pleased that Kimchi has helped set the creative direction, pushing the ecosystem toward its goal of expanding 100 times in size. BlockBeats reminds users that most meme coins have no real use cases, are highly volatile, and require cautious investment.