CoinDesk
MemeCore's M token plunged about 74% over 24 hours, sliding from a high near $2.92 to as low as $0.51 before steadying around $0.74, with no exploit, hack or announcement to account for the drop. The slide erased close to $3 billion in market value, pushing M's market capitalization from roughly $3.8 billion down to about $969 million per CoinDesk data. Trading was thin relative to the size of the move, with only about $21 million changing hands over the day.
Why it matters
The collapse lands directly on a token that on-chain investigator ZachXBT publicly questioned in April. He alleged that insiders had manipulated M's price to a $6 billion market cap and an $18 billion fully diluted valuation, pointing to roughly $7.9 million in what he called suspicious Kraken withdrawals to 18 newly created wallets and an address he suspected belonged to the MemeCore team receiving 200 million M at launch before sending millions of tokens to Kraken deposit addresses. Kraken, he noted, was one of only a few venues listing M for spot trading.
Market impact
Whatever the catalyst, the mechanics are familiar: a coin with concentrated insider supply, a narrow set of trading venues, and demand propped up by paid InfoFi-style promotion has very little real liquidity underneath once selling starts. M's profile, heavy insider ownership, thin venue access, and promotional rather than organic demand, is the exact shape that produces near-vertical slides. MemeCore had not publicly addressed the drop as of Asian morning hours on Thursday.
Frequently asked questions
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How much did MemeCore's M token fall in 24 hours?
M fell about 74% over 24 hours, sliding from a high near $2.92 to as low as $0.51 before steadying around $0.74. The drop erased close to $3 billion in market value.
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Was there an exploit or hack behind the M token crash?
No. There was no confirmed exploit, hack, or project announcement to explain the move. Trading volume was thin, roughly $21 million over the day, relative to the size of the slide.
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What did ZachXBT say about MemeCore's M token?
In April, on-chain investigator ZachXBT alleged that insiders had manipulated M's price to a $6 billion market cap and an $18 billion fully diluted valuation. He pointed to about $7.9 million in what he called suspicious Kraken withdrawals to 18 newly created wallets.
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How many exchanges were listing M for spot trading?
Kraken was one of only a few venues supporting M spot trading, per ZachXBT. That narrow venue access is part of why the token's liquidity was thin once selling started.
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Has MemeCore responded to the price collapse?
MemeCore did not immediately respond to requests for comment. As of Asian morning hours on Thursday, the project had not publicly acknowledged or posted about the token's slide.
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