$kImchi token market cap surged to $14 million before plunging over 95%, with multiple wallets profiting over $385,000.

According to on-chain analytics platform Lookonchain, kimchi received 500 million $kimchi today and posted about the token, which was subsequently retweeted by Pump.fun co-founder alon. Alon later retracted the retweet, and kimchi also deleted the post. The market capitalization of $kimchi briefly surged to $14 million before plunging by over 95%. Lookonchain reported that scammers used multiple wallets to buy $kimchi at low prices and subsequently sold them, netting cumulative profits exceeding $385,000.