Kimchi’s QR code linked to the Solana memecoin Project Kimchi. After Pump.fun co-founder Alon reposted the promotion, reports say its market cap briefly reached about $15 million. Alon later removed the repost and Kimchi deleted the post; neither publicly explained why. WuBlockchain’s report describes the sequence and reports a fall to about $277,000, over 98% from the peak.

Kimchi’s QR code linked to the Solana memecoin Project Kimchi. After Pump.fun co-founder Alon reposted the promotion, reports say its market cap briefly reached about $15 million. Alon later removed the repost and Kimchi deleted the post; neither publicly explained why. WuBlockchain’s report describes the sequence and reports a fall to about $277,000, over 98% from the peak.

The selloff followed the removal of the promotion that had driven attention and buying, draining the token’s hype. DexScreener currently shows about $287,000 market cap and a price of $0.000292 for the token address in the question. DexScreener

The “hack” explanation is an allegation in social posts, not a confirmed account compromise: the available reports say neither Kimchi nor Alon explained the deletions. The sources do not establish who controlled the promotion or whether anyone deliberately engineered the collapse.