Kimchi Market Cap Drops to $21.51 Million After Topping $40 Million

Solana meme coin Kimchi’s market capitalization stood at $21.51 million on Oct. 22 after topping $40 million the previous day, while a top-ranked wallet showed an unrealized loss of more than $50,000.

An earlier snapshot of Kimchi put its market capitalization at $38.71 million, with $23.7 million in trading volume, after the token crossed $40 million during its first hour. The Oct. 22 valuation was $17.2 million below that earlier snapshot.

The top-ranked individual wallet invested $144,000 when Kimchi’s market capitalization was $33.7 million. Its loss was on paper, reflecting a decline in the position’s value rather than a completed sale. The market-cap figures describe the token overall, while the investment and loss figures describe one wallet’s position.

Kimchi was inspired by influencer trader Kimchi (@kimchi1x), whose holdings represented 75.32% of the token’s total supply.