New memecoin KIMCHI reaches valuation of 40 million dollars

A new memecoin, KIMCHI, revolving around crypto trader Kimchi, achieved a total valuation of nearly 40 million dollars shortly after its launch. Kimchi will collaborate with the memecoin platform Pump.fun, where he will assist with the creative direction. His compensation is unknown. A wallet linked to his profile received 75 percent of the new memecoin. The 40 million dollars refers to the valuation of the entire coin supply and not to distributed profits. Shortly after the launch of KIMCHI, the creator purchased nearly 79 percent of the supply and sent 750 million of the 1 billion coins to a second address linked to Kimchi's profile. The transfer is visible on the blockchain, but it is not proven who manages the wallet. The 40 million dollar valuation is theoretical and arises from multiplying the last traded price by the number of coins. This does not mean that there is actually that much money in the coin or that Kimchi has earned that amount. At that time, Pump.fun showed 0 dollars in realized profits, meaning that the value of the held coins exists only on paper. A stake of 75 percent cannot simply be sold at the shown price without affecting the price. Additionally, a separate position of about 6.4 million dollars in PUMP tokens does not prove that Pump.fun paid him with that. The terms of the collaboration remain unknown.

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