Meme coin GP on the Solana blockchain briefly saw its market capitalization exceed $30 million, surging over 101% in 24 hours.

Breaking news from Beating AI Insight: Kimi’s official has just released a 24-second retro computer-style video, in which the Kimi Code terminal clearly displays “Model: Kimi K3.1”. The video also demonstrates the model writing complex 3D scene code using Three.js. This is not K3.1’s first public appearance: at the end of September, developers spotted the “kimi-k3-1” identifier on the Moonshot API platform. On October 21, K3.1 also appeared in Kimi Code’s model switching configuration. With the official now directly revealing the model in the video, the new model is expected to launch today.

According to community leaks, crypto influencer Kimchi posted an image early this morning containing a QR code pointing to the meme coin Kimchi. The Kimchi address holds over 50% of the token’s total supply, and this token is distinct from the one that previously surged to $30 million in value. Shortly after, Alon, founder of pump.fun, retweeted the post, pushing the new Kimchi token’s market cap to a temporary high of $10 million. However, Alon later unretweeted the tweet, Kimchi deleted the post, and removed the "pump.fun" reference from his social media bio, leading the token to plummet rapidly. Its current market cap stands at $190,000. Additionally, per GMGN market data, the original fast-trading Kimchi coin also began accelerating its decline this morning, with a current market cap of $12.81 million. Kimchi’s actions have sparked widespread dissatisfaction in the community, with crypto investors accusing Kimchi and Alon of their respective moves of "suspected illegal activity". Kimchi has repeatedly flaunted his wealth on social media, previously claiming to have profited handsomely from investing in the TRUMP token. Alon, co-founder of Pump.fun, recently wrote that Kimchi is the first person to truly bridge the gap between the crypto industry and pop culture, and the first case of someone transitioning from a trader to a public celebrity. BlockBeats reminds users that meme coins have no practical utility, are highly volatile, and investors should exercise caution.

Beating AI News Flash: MiniMax today open-sourced the weights of its M3.1 Flash model, which is now available on Hugging Face and ModelScope. Space Bunny, which launched anonymously earlier and reportedly processed over 200 trillion tokens total, is an early iteration of M3.1 Flash. The model uses a MoE architecture with 428 billion total parameters, but only activates around 23 billion per generation. The new version fully adopts sparse attention, and adds quantization training and DSpark speculative decoding. The company states that Agent task costs are 70% lower than the previous generation, with generation speed nearly tripled. In terms of performance, it scores 73.7% on DeepSWE v1.1, lower than DeepSeek V4.1 Flash-1017's 77%. Independent evaluator Vals AI noted its programming capabilities have improved significantly over the prior version, though complex terminal tasks remain a weakness. The weights are released under the MiniMax Community License. Commercial use requires attribution of the model source; if the annual revenue of related products or services exceeds $20 million, prior written authorization is required.

According to YuEmber Monitoring, a wallet address went long on SOXL twice and was liquidated both times over four hours from last night to early this morning, yet continued opening long positions. At 11 PM last night, the address opened a long position worth $5.42 million in SOXL, which was liquidated less than a minute later, resulting in a loss of around $316,000. At 1 AM today, it opened another long position worth $4.97 million in SOXL, liquidated two hours later, with a loss of roughly $270,000. Just two minutes after the second liquidation, the address opened a new long position worth $2.22 million in SOXL, which has not been liquidated as of now.

DFINITY founder Dominic Williams has published an accusation alleging that NEAR Intents’ chain abstraction feature unauthorizedly uses DFINITY’s threshold ECDSA signature technology, which is exclusively licensed for the Internet Computer. He noted the related work was advanced by an individual who was dismissed by DFINITY in 2021. Citing academic papers and GitHub records, Williams said NEAR has been using the algorithm for roughly two and a half years, and is now attempting to switch to a slower scheme requiring three rounds of signature interactions. He questioned the project’s decentralization and user security. Williams added that the matter involves legal issues and needs resolution, though his article did not disclose any lawsuits filed.

a16z Crypto general partner Ali Yahya announced in a post that he will leave the firm to launch his own company. Yahya noted that while the venture is still in its early stages, his current focus is on building infrastructure that enables an "open software ecosystem". Earlier reports revealed that a16z Crypto was recently rebranded as a16z Frontier, with its investment scope expanded to cover frontier startups.