Crypto influencer Kimchi promoted a new meme coin; the founder of pump.fun retweeted the post then deleted it, and the associated token surged sharply before quickly plummeting to zero.

According to community leaks, crypto influencer Kimchi posted an image early this morning containing a QR code pointing to the meme coin Kimchi. The Kimchi address holds over 50% of the token’s total supply, and this token is distinct from the one that previously surged to $30 million in value. Shortly after, Alon, founder of pump.fun, retweeted the post, pushing the new Kimchi token’s market cap to a temporary high of $10 million. However, Alon later unretweeted the tweet, Kimchi deleted the post, and removed the "pump.fun" reference from his social media bio, leading the token to plummet rapidly. Its current market cap stands at $190,000. Additionally, per GMGN market data, the original fast-trading Kimchi coin also began accelerating its decline this morning, with a current market cap of $12.81 million. Kimchi’s actions have sparked widespread dissatisfaction in the community, with crypto investors accusing Kimchi and Alon of their respective moves of "suspected illegal activity". Kimchi has repeatedly flaunted his wealth on social media, previously claiming to have profited handsomely from investing in the TRUMP token. Alon, co-founder of Pump.fun, recently wrote that Kimchi is the first person to truly bridge the gap between the crypto industry and pop culture, and the first case of someone transitioning from a trader to a public celebrity. BlockBeats reminds users that meme coins have no practical utility, are highly volatile, and investors should exercise caution.