Solana meme coin Kimchi reached a market capitalization of $40 million within an hour of launch, with a reported market cap of $38.71 million and trading volume of $23.7 million, according to GMGN data cited by BlockBeats.
Concentration claim accompanies the snapshot
BlockBeats reported that X user Kimchi, whose handle is @kimchi1x, held 75.32% of the token supply at the time of the update. The flash did not provide a wallet address or an independent on-chain verification for that figure.
These market-cap and volume figures are a time-specific snapshot and can change quickly. BlockBeats also warned that meme coins often have no practical use case and can be highly volatile.
Source: BlockBeats flash, citing GMGN data.