Pump.fun KIMCHI token crashes 95% after co-founder Alon deletes repost

A Solana-based KIMCHI memecoin has plunged more than 95% after a promotional post linked to crypto trader Kimchi's X account disappeared, triggering allegations of suspicious trading and questions about Pump.fun co-founder Alon's involvement in promoting the token. A KIMCHI token promoted through a QR code linked to trader Kimchi's X account crashed after the post disappeared. Lookonchain reported that the token briefly reached a $14 million market capitalization before falling more than 95%. Blockchain analysts flagged profitable early trading, while allegations of hacking and deliberate fraud remain unconfirmed. Pump.fun's daily revenue and active addresses declined during the same period, without evidence establishing a direct connection. According to blockchain analytics firm Lookonchain, Kimchi's account promoted a newly launched token after reportedly receiving 500 million KIMCHI tokens, while Alon reposted the announcement.

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