Key Takeaways
- The M token from MemeCore experienced a dramatic 74% decline within a 24-hour window, plunging from $2.92 to a low of $0.51
- Nearly $3 billion in market capitalization vanished, reducing the total valuation to approximately $969 million
- The collapse occurred without any security breach, hack, or formal statement from the project team
- Blockchain sleuth ZachXBT had issued warnings in April regarding insider price manipulation of the M token
- The MemeCore team remained silent with no public statement issued as of Thursday morning
In a dramatic overnight collapse, MemeCore’s M token shed approximately 74% of its value within a single 24-hour period, tumbling from a peak of nearly $2.92 down to a shocking low of $0.51 before stabilizing around $0.74, based on figures from CoinDesk.
The severe downturn eliminated nearly $3 billion from the token’s total market capitalization. Within mere hours, M’s valuation plummeted from approximately $3.8 billion to roughly $969 million.
Remarkably, given the magnitude of the price movement, trading activity remained surprisingly subdued. Merely around $21 million in transactions occurred throughout the 24-hour timeframe—an unusually low figure for such a significant price swing.
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
The trigger behind the sudden sell-off remains unclear. No security compromise, exploit, or official communication from MemeCore’s development team has been documented.
Attempts to reach MemeCore for comment went unanswered. Through Thursday morning across Asian time zones, the project team maintained complete silence without issuing any public statements regarding the crash.
April Alert From ZachXBT
The dramatic price collapse has drawn fresh scrutiny to concerns voiced several months prior. Back in April, prominent blockchain investigator ZachXBT raised serious questions about Kraken’s decision to list M for spot trading in July 2025, questioning whether adequate due diligence protocols were followed by the exchange.
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, project insiders had artificially inflated the token’s price to achieve a $6 billion market capitalization and an $18 billion fully diluted valuation. His investigation identified approximately $7.9 million in questionable withdrawals from Kraken distributed across 18 freshly created wallet addresses.
ZachXBT further claimed that a wallet address linked to MemeCore’s core team was allocated 200 million M tokens during the initial launch phase, with substantial portions of these holdings subsequently transferred to Kraken deposit addresses. These allegations remain unverified through independent sources.
The investigator observed that Kraken represented one of very few platforms offering M spot trading capabilities. Additionally, he highlighted that the project’s primary marketing strategy centered on incentivized social media engagement programs that compensate users for posting content—a strategy commonly referred to as InfoFi.
Shallow Liquidity Amplified the Decline
The convergence of heavily concentrated token distribution, restricted exchange availability, and compensated promotional tactics established an environment where substantial selling activity could trigger dramatic price volatility.
When the sell-off commenced, insufficient genuine liquidity existed to cushion the impact, 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 steep fall from the approximately $3.8 billion valuation recorded before the downturn initiated.
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