Trader Kimchi Faces Scrutiny After Project Kimchi Token Crashes 98%

What Happened to the Project Kimchi Token?

A wild 48 hours for meme coin trader Kimchi took an unexpected turn on October 22, 2026. A promotional post from his social media account sent a new token soaring.

The token reached a peak market cap near $15 million within minutes. However, the promotional post disappeared shortly after, and the token crashed over 98%.

How the Event Unfolded Step by Step

In the early afternoon of October 22, popular trader Kimchi's X account posted an image of a Manhattan billboard. The sign read project kimchi, same internet, different outcome.

The image included the Pump.fun logo, App Store badges, and a QR code. Scanning the QR code led users directly to a new Pump.fun token named Project Kimchi.

This event occurred just two days after Pump.fun announced Kimchi as its official creative partner. The platform brought him on to lead a new retail marketing push.

Pump.fun co-founder Alon quickly reposted the promo from his personal account. Driven by the high visibility, the token's market cap hit $10 million in seconds and topped out near $15 million.

The Sudden Deletion and Market Collapse

Roughly 30 minutes later, the original post vanished. Alon also removed the repost from his personal feed.

Traders who tried scanning the QR code again noted that it no longer pointed to the token. Market value dropped rapidly following the deletion.

Project Kimchi's market cap fell to approximately $284,000. This represented a drop of more than 98% from its peak, following $8.66 million in total trading volume.

Community Reaction and Hacking Allegations

The swift price drop led to significant backlash from affected traders. One user publicly demanded that Alon refund buyers who suffered losses.

You literally retweeted a rug pull and made hundreds of people lose money. It was your responsibility as Pump.fun founder to double check.

Initial social media reports claimed Kimchi's account was hijacked. However, on-chain investigators quickly questioned that explanation.

Sleuths pointed to Alon's rapid repost and subsequent deletion as unusual. Neither Kimchi nor Pump.fun issued an official statement immediately following the event.

Kimchi later removed references to Pump.fun from his X bio. He also deleted earlier posts about joining the launchpad platform.

Analyzing On-Chain Data and Profit Claims

Kimchi gained fame by claiming he earned roughly $40 million trading the official TRUMPTRUMP+1.75% token following its January 2025 launch.

On the day of the Project Kimchi event, blockchain analytics firm Bubblemaps published wallet tracking data. They estimated his actual traceable TRUMP profits at around $6 million.

Bubblemaps noted that their investigation covered only confirmed linked addresses. Unlinked addresses holding additional funds remain possible but unconfirmed.

Past performance of digital assets or past operational results are not a guarantee of future performance or results. You can review current market data at Bitkub Market.

Previous Launch Dynamics and Future Outlook

Questions were also raised regarding Kimchi's earlier token launch. The original KIMCHI token reached a $40 million market cap in its first hour.

On-chain data showed an anonymous deployer bought 79% of that supply for roughly $9,300. All creator fees were routed to a wallet labeled Kimchi.

Because 75% of the supply remained in a single address, analysts noted much of that paper valuation could not be easily converted to cash.

Despite these controversies, Kimchi retains strong online visibility. Content creator FaZe Banks commented that Kimchi's viral reach could still generate substantial media opportunities.

Pump.fun Expands Product Offerings

In separate business developments, Pump.fun has been expanding beyond its core SolanaSOL+1.00% meme coin launchpad.

The platform recently introduced perpetual futures trading powered by HyperliquidHYPE+1.45%. The new interface allows users to trade crypto derivatives directly through the service.