Kimchi, a meme coin on Solana, has continued to slide after briefly reaching a $40 million market cap on the previous day, according to GMGN market data cited by ChainCatcher. The token was last quoted at $21.51 million in market capitalization, leaving it down more than 50% from its peak. GMGN data also showed that the top individual holder address entered at a $33.7 million market cap with a $144,000 position and is now sitting on an unrealized loss of more than $50,000. Earlier reporting said the token was inspired by influencer trader Kimchi, whose X account is @kimchi1x. That trader currently holds 75.32% of the token’s total supply. ChainCatcher added a risk warning, saying meme coins often lack real-world use cases and can see sharp price swings, urging users to stay cautious.
Kimchi, a meme coin on Solana, kept falling after briefly hitting a $40 million market cap on the previous day, according to GMGN market data cited by ChainCatcher. The token was last quoted at a $21.51 million market capitalization, down more than 50% from its peak.
On-chain positioning showed that the top individual holder address bought in when the token’s market cap was $33.7 million, putting in $144,000. That address is now facing an unrealized loss of more than $50,000.
Earlier reports said the token was inspired by influencer trader Kimchi (@kimchi1x), who currently holds 75.32% of the meme coin’s total supply.
ChainCatcher warned that meme coins often have no practical use case and can be highly volatile, and said users should invest with caution.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
