Project Kimchi token on Pump.fun crashes 98% after its promo post disappears

On Thursday, trader Clayton Kim’s X account promoted a new Pump.fun token, Project Kimchi, which reached about $15 million in market capitalization within minutes before the post disappeared roughly 30 minutes later and the coin fell over 98%. A later snapshot put its market cap—the full token supply valued at the last trade—near $284,000 after $8.66 million in trading volume. Pump.fun co-founder Alon Cohen reposted the promotion from his personal account and then deleted it; Kim had become a Pump.fun creative partner two days earlier, on October 20. Early posts blamed a hack, but on-chain observers doubted that, citing Cohen’s quick repost and reversal, while Lookonchain flagged wallets that sold early for more than $385,000 in combined profit.