Key Takeaways
- The M token from MemeCore experienced a catastrophic 74% decline within a 24-hour window, plummeting from $2.92 down to $0.51 at its lowest point
- Nearly $3 billion in market capitalization evaporated, reducing the total market cap to approximately $969 million
- The dramatic price collapse occurred without any security breach, system compromise, or formal statement from the project
- Blockchain investigator ZachXBT had previously issued warnings in April regarding insider price manipulation of the M token
- The MemeCore team remained silent, offering no public statement or response by Thursday morning
In a dramatic price event, MemeCore’s M token experienced a catastrophic collapse of approximately 74% within a single trading day, plunging from a peak of nearly $2.92 to a low of $0.51 before stabilizing around $0.74, based on information from CoinDesk.
The dramatic selloff eliminated nearly $3 billion in total market capitalization. The token’s valuation plummeted from approximately $3.8 billion down to roughly $969 million within mere hours.
Notably, despite the magnitude of the price decline, actual trading activity remained surprisingly limited. Approximately $21 million in total volume was recorded during the 24-hour window, representing unusually low activity for such a significant price movement.
MemeCore Plunges Over 75% Amid Questions Over Insiders Holding More Than 90% of Supply
OKX market data showed MemeCore (M) trading at USD 0.67436, down more than 75% over 24 hours. The drop came after concerns over possible token control, including questions about MemeCore’s… pic.twitter.com/AOKpZEq2wk
— Wu Blockchain (@WuBlockchain) June 25, 2026
A definitive explanation for the sudden selloff has not materialized. Importantly, there were no reports of security breaches, technical exploits, or official communications from those behind MemeCore.
Attempts to reach MemeCore for commentary went unanswered. By Thursday morning across Asian time zones, the development team had published no public statements addressing the price collapse.
Previous Alert From ZachXBT
The dramatic price decline has brought renewed focus to concerns raised several months prior. Back in April, prominent blockchain investigator ZachXBT openly questioned Kraken’s decision to offer M for spot trading in July 2025, raising doubts about whether proper vetting procedures had been followed.
Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence?
$7.9M in suspicious Kraken withdrawals to 18 newly created addresses with 11.7 $M sitting total (valued at $39.8M now).
Insiders have manipulated the price to $6B market cap ($18B FDV)… pic.twitter.com/pL7oroZ4lJ
— ZachXBT (@zachxbt) April 20, 2026
According to ZachXBT’s allegations, insiders had engaged in price manipulation to artificially inflate the market cap to $6 billion with a fully diluted valuation reaching $18 billion. He highlighted approximately $7.9 million in questionable transfers from Kraken to 18 freshly created wallet addresses.
Additionally, he claimed that a wallet address linked to the MemeCore development team obtained 200 million M tokens during the initial launch, with millions of these tokens subsequently transferred to Kraken deposit addresses. These assertions remain unverified by independent sources.
ZachXBT observed that Kraken represented one of very few platforms facilitating M spot trading. He further highlighted that the project’s primary marketing strategy depended heavily on paid social media engagement campaigns that compensate users for posting content, a strategy commonly referred to as InfoFi.
Insufficient Liquidity Support
The convergence of highly concentrated token distribution, restricted exchange availability, and compensated promotional activities established an environment where sell-side pressure could trigger severe price volatility.
When the selling wave commenced, insufficient genuine liquidity existed to counterbalance it, explaining both the velocity and severity of the price decline.
As of Thursday morning, M’s market capitalization stood at roughly $969 million, representing a sharp decline from the approximately $3.8 billion valuation before the collapse initiated.
