Kimchi Meme Coin Tops $40M, Then Retreats
Solana meme coin Kimchi has shown sharp swings as trader Kimchi (@kimchi1x) renewed attention on Pump.fun. An earlier launch of a token with the same name reportedly reached a $30 million market capitalisation in about 10 minutes and briefly topped $40 million after roughly an hour. In the latest move, Kimchi briefly exceeded $15 million on 26 October, gaining more than 47% in 24 hours before falling to about $9.4 million, according to GMGN data.
The rally has drawn attention to supply and trading risks. Reports said wallets linked to Kimchi withdrew about 1.35 billion PUMP, worth around $6.43 million, from exchanges over three hours, while Kimchi reportedly held 75.32% of the KIMCHI supply. One early buyer was reported to have turned about $848 into roughly $111,000 in realised proceeds, while retaining tokens valued at around $171,000. The price swings and concentrated holdings leave Kimchi vulnerable to rapid reversals, despite the potential for renewed speculative demand.
Neutral
Kimchi’s rapid gains and repeated market-cap spikes may attract short-term momentum traders, potentially supporting further price jumps if attention and buying volume return. However, the latest retreat from above $15 million to about $9.4 million shows how quickly that momentum can fade. Reported concentration of 75.32% of the KIMCHI supply in Kimchi’s hands, along with large exchange withdrawals of PUMP by linked wallets, adds uncertainty around token distribution and potential selling pressure. These factors make sharp moves in either direction more likely than a durable trend. In the longer term, price performance will depend on sustained demand, liquidity and whether holders distribute their tokens; the available information does not establish a lasting bullish or bearish catalyst.