MemeCore’s native token M plunged over 76% in the past 24 hours, falling from highs near $2.90 to lows around $0.48 before stabilizing near $0.68. As of the latest data from CoinMarketCap, the token trades at approximately $0.6775 with a market capitalization of around $892 million, placing it at rank #55. The sell-off erased nearly $3 billion in market value from prior levels. Trading volume surged during the decline, reaching over $30 million in 24 hours across major platforms including Bitget, Gate.io, HTX, and Kraken. No large-scale on-chain withdrawal or technical vulnerability has been identified as the trigger.
On-chain investigator ZachXBT directly addressed the MemeCore crash in a post on June 25, sharply questioning how many retail investors suffered heavy losses due to alleged manipulative practices by the project’s team. He pointed out that the team had artificially propped up M token’s valuation for months despite extremely thin on-chain liquidity on Binance Smart Chain and highly concentrated supply held by insiders. The comments came as ZachXBT remained under the spotlight following his recent investigation into suspicious prediction market activity that triggered nearly $29 million in Polymarket bets ahead of his insider trading expose.
On-chain metrics on Binance Smart Chain painted a picture of low genuine usage. Community analysis and Arkham data indicated no single transfer exceeding $50,000 in the two weeks leading up to the crash. Total liquidity on decentralized exchanges remained under $100,000 according to Dexscreener, a stark contrast to the token’s previous multi-billion dollar valuations on centralized venues.
The official token contract on BSC is 0x22b1458e780f8fa71e2f84502cee8b5a3cc731fa. Circulating supply stands at approximately 1.31 billion tokens out of a total supply of 5.38 billion and a maximum supply of 10 billion, resulting in a fully diluted valuation now around $6.77 billion.
ZachXBT and other analysts had flagged red flags around MemeCore months earlier, in April 2026. Key concerns included alleged insider control of over 90% of the supply, inorganic user growth tactics, and suspicious withdrawal patterns tied to the token’s spot listing on Kraken in July 2025. Attention was drawn to flows from suspected team-linked wallets to newly created addresses. The investigator’s growing influence in the industry was also evident after his Axiom exchange expose helped resolve more than $40 million worth of Polymarket bets, further cementing his reputation for uncovering questionable market activity.
MemeCore positions itself as a Layer 1 blockchain focused on meme coin launches and “Meme 2.0” culture. It had secured listings on prominent platforms such as Binance Alpha, Bitget, Kraken, and Gate.io, which supported its earlier rise into the top tier of tokens by market capitalization.
The rapid collapse highlights the risks inherent in high fully diluted valuation tokens that rely heavily on centralized exchange liquidity rather than robust on-chain fundamentals. While centralized platforms absorbed the bulk of the selling pressure, MemeCore’s native ecosystem showed persistently low activity.
MemeCore has not issued a public statement regarding the price action or the renewed allegations as of this reporting. The incident contributes to broader industry discussions on exchange listing standards, the challenges of opaque token distributions, and investor protection in the meme and high-risk token sectors.
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