Project Kimchi token on Pump.fun crashes 98% after its promo post disappears

On Thursday, trader Kimchi’s X account sent a brand-new Pump.fun token to a ~$15 million market cap in minutes. About 30 minutes later the post disappeared and the coin tumbled by over 98%. Market cap fell to ~$284,000 after $8.66 million in volume The account shared a photo of a poster on a sidewalk in Manhattan that read “project kimchi, same internet, different outcome.” Poster had a Pump.fun logo, App Store badges and QR code pointing to a fresh token called Project Kimchi. Market cap hit $10 million in seconds and peaked at about $15 million, though Lookonchain pegged the high at around $14 million. Pump.fun co-founder Alon Cohen reposted the promo from his personal account, before erasing it.

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