Alon runs Pump.fun. Pump.fun lets people launch new coins fast.
On Oct. 20, Alon posted about a trader. The trader goes by Kimchi. Kimchi trades meme coins on Solana. He says he made $40 million on the TRUMP coin last year.
Alon called Kimchi the first trader to become a celebrity. Pump.fun then signed Kimchi for a new role. The role is called a creative partner.
A new coin called $KIMCHI launched that same day. It hit a market cap of $44 million in one hour. Kimchi held about 75 percent of all $KIMCHI coins himself.
Alon's post spread fast across crypto X. It passed 3,042 likes in a day. It drew 1,316 replies in that same stretch.
X added a community note under the post. The note said Kimchi's $40 million claim "has never been proven on-chain." It also flagged his wallets. Those wallets showed a pattern. They buy new coins early, then sell fast.
By the next day, $KIMCHI's price had crashed hard. Its market cap fell to about $17,369. That is a drop of more than 99 percent from its peak.
Why did one trader's signing spread this far? Pump.fun fights a real rival. That rival is called Fomo. Pump.fun earned $45.4 million over 30 days. Fomo earned $19 million in that same stretch. Pump.fun wants a famous face to win new users.
What does this crash say about crypto people today? A platform picked a trader. His track record lacked outside proof. Fans bought his coin within the hour anyway. The warning signs sat in public view the whole time. A community note said so, right on the post. The coin's value vanished within a day. Few traders stopped to read the note first.