Kimchi, a meme coin on Solana, briefly reached a market capitalization of $40 million yesterday before sliding to $21.51 million, leaving it down by more than 50% from its peak. Odaily reported that one whale put in $144,000 when the token’s market cap stood at $33.7 million and is now sitting on an unrealized loss of more than $50,000. The token was inspired by influencer trader Kimchi, whose X account is @kimchi1x. Kimchi currently holds 75.32% of the meme coin’s total supply. The move highlights how quickly valuations in the Solana meme coin segment can reverse after a sharp run-up, with large holders exposed to steep paper losses in a short period.
Kimchi, a meme coin on the Solana blockchain, briefly reached a market capitalization of $40 million yesterday before continuing to fall, according to Odaily. Its current market cap stands at $21.51 million, down by more than 50% from the peak.
One whale invested $144,000 when the token’s market cap was $33.7 million. That position is now showing an unrealized loss of more than $50,000.
The token was previously described as being inspired by influencer trader Kimchi (@kimchi1x). Kimchi currently holds 75.32% of the meme coin’s total supply.
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