Project Kimchi Market Cap Falls More Than 98% After Alon Removes Repost

Project Kimchi’s market capitalization fell more than 98% from a brief peak near $15 million to about $284,000 after Pump.fun co-founder Alon removed a repost promoting the meme coin.

The token reached its brief peak after Alon reposted a promotion from crypto trader Kimchi. The market snapshot also showed about $9.3 million in trading volume over the previous 24 hours.

The promotion included a QR code directing users to Project Kimchi. After Alon removed the repost, Kimchi deleted the original post and removed “pumpfun” from his profile.

Alon previously described Kimchi as the first trader to connect crypto and pop culture. Alon previously confirmed a partnership with Kimchi and said the trader was helping set Pump.fun’s creative direction.

Neither gave an official explanation for the post changes.