A community-circulated claim on Oct. 23 said crypto influencer kimchi posted an image containing a QR code that directed users to a meme coin bearing the same name. Information tied to the episode said a kimchi-linked address held more than 50% of the token supply, and that the coin was different from an earlier Kimchi token that had previously raced to a $30 million valuation. Pump.fun co-founder alon then reposted the post, helping push the new token’s market capitalization to roughly $10 million in a short period.
The move quickly reversed. Alon later removed the repost, kimchi deleted the original post, and the influencer also removed the word pump.fun from a personal profile. The token then fell sharply, with its market capitalization quoted at about $190,000 at the time. Separately, GMGN market data showed that the earlier Kimchi token also accelerated lower that morning, with its market capitalization reported at about $12.81 million. The incident triggered backlash in the community, with some crypto investors accusing kimchi and alon of conduct they said may have been illegal.
ChainCatcher reported, citing community claims, that on Oct. 23 crypto influencer kimchi posted an image containing a QR code that led to a meme coin named kimchi.
Information related to the incident said a kimchi-linked address held more than 50% of the token, and that this coin was different from the earlier token that had previously 「速通 3000 万美元」. Alon, co-founder of meme coin launch platform pump.fun, later reposted the post.
The new kimchi token then briefly climbed to a market capitalization of about $10 million. After that, alon removed the repost, kimchi deleted the original post, and also removed the pump.fun label from a personal bio. The token then dropped rapidly, with its market capitalization quoted at about $190,000 at the time.
According to GMGN market data, the earlier Kimchi token also accelerated its decline that morning, with its market capitalization reported at about $12.81 million.
The episode drew criticism across the community. Some crypto investors accused kimchi and alon of conduct they said may already have been illegal.
Publicly available information cited in the report said kimchi had repeatedly shown off wealth on social platforms and had claimed to have made substantial profits from investing in the TRUMP token. Alon had also said recently that Kimchi was the first person to truly bridge the gap between the crypto industry and pop culture, and the first case of a trader becoming a public celebrity.
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