Crypto influencer Kimchi promoted a new meme coin, which was retweeted and then deleted by the founder of pump.fun; the related token experienced a surge before rapidly crashing to zero.

BlockBeats news, October 23 - According to community reports, crypto influencer kimchi released an image this morning containing a QR code that points to the meme coin kimchi (the kimchi address holds over 50% of the token's supply, and it is different from the previously fast-tracked $30 million token). Subsequently, pump.fun founder alon retweeted the post, causing the new kimchi token to briefly surge to a market cap of $10 million. However, alon later canceled the retweet, and kimchi also deleted the tweet and removed the word "pump.fun" from their personal bio, leading to a rapid decline in the token's value, with the market cap now reported at $190,000.

Additionally, according to GMGN market data, the original fast-tracked Kimchi also began to accelerate its decline this morning, with the market cap now reported at $12.81 million.

The aforementioned actions by kimchi have sparked widespread dissatisfaction in the community, with crypto investors decrying the behavior of kimchi and alon as "potentially illegal."

kimchi has repeatedly flaunted wealth on social platforms and once claimed to have made substantial profits from investing in the TRUMP token. Pump.fun co-founder alon recently stated in a post that Kimchi is the first person to truly bridge the gap between the crypto industry and popular culture, and the first case of a trader growing into a public celebrity.

BlockBeats reminds users that meme coins have no practical use and are subject to high price volatility; users should invest with caution.