Trader Kimchi Accused of Pump-and-Dump Scheme After Token Plummets 98%
A token promoted by trader Kimchi surged to $15M before crashing, raising rug pull suspicions.
A token promoted by trader Kimchi surged to $15M before crashing, raising rug pull suspicions. Pump.fun (PUMP) is trading at ₹0.433344 ($0.004566), down 1.3% since this brief published. This is an original Token Times brief based on reporting by Bitcoin.com, with live market data added, as of Fri, 23 Oct 2026 10:00:02 UTC.
This incident highlights the risks and volatility in meme coin trading, where social media influence can rapidly create and destroy value, potentially harming unsuspecting investors.
- Kimchi's token surged to $15M market cap before crashing 98% in hours.
- The incident occurred on October 22nd, with the token listed on Pump.fun.
- The event underscores the dangers of meme coin speculation and social media-driven pumps.
- PUMP Token Fails to Hold Key Support Despite Buyback Efforts
- Pump.fun Faces 79% Token Dropout, Signaling Memecoin Fatigue
- Pump.fun's KIMCHI Token Plummets 95% After QR Code Promotion Disappears
- Trader Kimchi Accused of Pump-and-Dump Scheme After Token Plummets 98% — this brief
On October 22nd, a token promoted by popular online trader Kimchi experienced a dramatic price surge and collapse within hours. The token, listed on the decentralized platform 
Pump.fun, rapidly climbed to a $15 million market cap after Kimchi's endorsement.
According to 
Bitcoin.com, Kimchi's promotional post on X showed a Manhattan sidewalk, which was quickly followed by the token's price skyrocketing. However, the post was subsequently deleted, and the token's value plummeted by over 98%, raising suspicions of a potential rug pull.
The incident highlights the extreme volatility and risks associated with meme coin trading, where social media influence can create rapid price movements. The Pump.fun platform, known for hosting meme coins, has become a hotspot for such speculative activities.
The broader crypto market remained relatively stable during this event, with Bitcoin showing a minor 0.08% decline over the 24-hour period. The Fear & Greed Index stood at 50, indicating a neutral market sentiment.
This incident serves as a cautionary tale for investors in the highly speculative meme coin market. The rapid rise and fall of Kimchi's token underscore the need for caution and due diligence in this high-risk sector.
Since this brief published about 1 hour ago, Pump.fun (PUMP) has moved from ₹0.439229$0.004628 to ₹0.433344$0.004566 — -1.34%.
The chart plots PUMP's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 PUMP ≈ ₹0.47037 (about $0.004566), down 3.8% over 24 hours. The rupee itself trades about 8.5% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Trader Kimchi Accused of Pump-and-Dump Scheme After Token Pl — questions & answers
What happened to the token promoted by Kimchi?
The token surged to a $15 million market cap before crashing 98% within hours after Kimchi's promotional post was deleted.
Is there evidence of a rug pull?
While the incident has raised suspicions of a rug pull, there is no definitive evidence confirming this.
How did the broader market react?
The broader crypto market remained stable, with Bitcoin showing a slight 0.08% decline over 24 hours.
How much is 1 Pump.fun worth in rupee today?
About ₹0.47037 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.004566. The rupee price moves with both PUMP's US-dollar price and the USDT/INR rate; use our Pump.fun in rupee page for any amount.
Has Pump.fun's price moved since this brief was published?
PUMP is down 1.34% since this brief first published — trading at ₹0.433344 ($0.004566) now versus ₹0.439229 ($0.004628) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Bitcoin.com. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.