KIMCHI market cap surged to $14 million before plummeting over 95%, with multiple associated wallets profiting more than $385,000.

BlockBeats news, October 23, according to Lookonchain monitoring, account kimchi1x received 500 million KIMCHI tokens and posted related content, which was subsequently retweeted by account a1lon9. However, a1lon9 later canceled the retweet, and kimchi1x also deleted the original post.

Affected by the related developments, KIMCHI's market cap briefly surged to approximately $14 million, then plummeted over 95%. On-chain tracking shows that suspected scammers bought KIMCHI in advance at low prices through multiple wallets and sold after the price rose, accumulating profits exceeding $385,000.