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Solana trader Kimchi deleted a post promoting a new “Project Kimchi” crypto coin on Thursday after Pump.fun co-founder Alon reposted it. He also then took the repost down, sending the token from about $15 million in market value to roughly $262,000. Hours later, Kimchi removed Pump.fun from his X bio. He had signed with the launchpad only two days earlier.
The Kimchi crypto saga is still unexplained: neither Kimchi, Alon nor Pump.fun has said what happened. The PUMP token is down 4.3% in 24 hours to $0.004616. So was this a hack, a quick grift or the end of the deal?
Today, kimchi (@kimchi1x) received 500M $kimchi and posted about the token, and @a1lon9 reposted it.
But @a1lon9 later undid his repost, and @kimchi1x deleted the post.$kimchi quickly surged to a $14M market cap before crashing over 95%.
We found that the scammers used… pic.twitter.com/2jVqb55teF
— Lookonchain (@lookonchain) October 23, 2026
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What Happened to the Kimchi Crypto Token?
It lasted about half an hour. Kimchi (@kimchi1x) posted a photo of a street poster reading “project kimchi, same internet, different outcome,” with a Pump.fun logo and a QR code that led to a new token on the launchpad. Alon reposted it from his personal account, and buyers rushed in.
The token hit a market cap of about $15 million within minutes. Then the post was deleted, Alon undid his repost, and the price collapsed more than 95%.
Someone was ready for it. On-chain tracker Lookonchain says Kimchi’s wallet received 500 million of the tokens, and that a group of wallets bought early at low prices and sold for more than $385,000 in profit.
so today has been fun
– @kimchi1x removes @Pumpfun from bio
– deletes replies to pump account
– posts a rug, alon reposts it, and then it gets deleted
– PF then sold 14M $SOL, making it a total of $875M
– $SOL is now $103im sure these events will help onboard the masses pic.twitter.com/ipkd9sEUUY
— DenX (@Denx_Sol) October 22, 2026
It hasn’t linked those wallets to Kimchi or to Pump.fun.
Some traders believe Kimchi’s account was hacked. Nobody has confirmed that, and Kimchi hasn’t said so himself.
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PUMP Price Analysis: Can PUMP Hold $0.0045?
The Kimchi rally is gone. PUMP climbed to $0.005224 on Wednesday, its highest since October 12, then fell 11% on Thursday as the token story broke. It now trades just under its 50-day EMA at $0.004666 on daily chart.
The first resistance is $0.00467 to $0.00472, where the 50-day EMA meets the 4-hour 50 EMA. Above it, $0.00487 to $0.00522 is the wall: the 4-hour 200 EMA, the last swing high and Wednesday’s top.
Support starts at $0.00451, the low of the past two days. Below it, $0.00375 to $0.00383 is the key floor, where PUMP bottomed on October 18 and in late September.
A daily close above $0.00522 would put the October 4 high of $0.006806 back in view. A close below $0.00451 would point to that $0.0038 floor, about 17% lower.
The Kimchi crypto deal was meant to bring Pump.fun new users. Two days in, it has brought a deleted post, a crashed token and unanswered questions about who profited.
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