【What’s Going On in Crypto】
Let’s talk about something spicy today.
On the morning of October 26, a crypto influencer known as kimchi added the words “@pumpfun” back to their X bio. And just like that, the on-chain token called “Kimchi” reacted immediately.
At the time, the token had a market cap of just $6 million. In the blink of an eye, it more than doubled, peaking at $12 million. But the rally didn’t last long—it soon came crashing back down. It’s now hovering around $9.23 million. Trading volume for the day came in at $4.1 million.
The back-and-forth between kimchi and pump.fun has been quite a saga.
Just a few days earlier, on October 20, the “Kimchi” token rode a wave of positive news to a market cap of $47 million—and then it was all downhill. Rumors started circulating that pump.fun had paid kimchi 1.35 billion PUMP tokens to promote the platform, worth roughly $6.25 million at the time.
Then, on the 23rd, kimchi posted a QR code linking to a different Kimchi token. That token also surged, reaching a market cap of $10 million—and then went to zero.
What stings even more is that several groups of wallets had bought in early at low prices and sold once the token pumped, quietly pocketing more than $385,000. A pretty slick play.
Later, kimchi simply removed @pumpfun from their bio and left it off for several days. This morning, they quietly added it back. Is this drama not over yet?
In any case, BlockBeats also pointed out that with celebrity meme coins like these, prices can swing wildly based on nothing more than a change to someone’s bio. There can also be all sorts of insider trading and coordinated moves. If you’re holding a position, stay alert—don’t rush in on impulse.
#Meme
Let’s talk about something spicy today.
On the morning of October 26, a crypto influencer known as kimchi added the words “@pumpfun” back to their X bio. And just like that, the on-chain token called “Kimchi” reacted immediately.
At the time, the token had a market cap of just $6 million. In the blink of an eye, it more than doubled, peaking at $12 million. But the rally didn’t last long—it soon came crashing back down. It’s now hovering around $9.23 million. Trading volume for the day came in at $4.1 million.
The back-and-forth between kimchi and pump.fun has been quite a saga.
Just a few days earlier, on October 20, the “Kimchi” token rode a wave of positive news to a market cap of $47 million—and then it was all downhill. Rumors started circulating that pump.fun had paid kimchi 1.35 billion PUMP tokens to promote the platform, worth roughly $6.25 million at the time.
Then, on the 23rd, kimchi posted a QR code linking to a different Kimchi token. That token also surged, reaching a market cap of $10 million—and then went to zero.
What stings even more is that several groups of wallets had bought in early at low prices and sold once the token pumped, quietly pocketing more than $385,000. A pretty slick play.
Later, kimchi simply removed @pumpfun from their bio and left it off for several days. This morning, they quietly added it back. Is this drama not over yet?
In any case, BlockBeats also pointed out that with celebrity meme coins like these, prices can swing wildly based on nothing more than a change to someone’s bio. There can also be all sorts of insider trading and coordinated moves. If you’re holding a position, stay alert—don’t rush in on impulse.
#Meme
