Key Points
- The M token from MemeCore plummeted approximately 74% within a 24-hour span, dropping from $2.92 down to a low of $0.51
- Nearly $3 billion in total market capitalization evaporated, bringing the valuation down to roughly $969 million
- The collapse occurred without any security breach, exploit, or formal statement from the project team
- Blockchain investigator ZachXBT issued warnings back in April regarding insider price manipulation of the M token
- The MemeCore team remained silent on the matter as of Thursday morning
The M token from MemeCore experienced a devastating collapse of approximately 74% within 24 hours, plunging from a peak of $2.92 to a bottom of $0.51 before recovering slightly to around $0.74, based on data from CoinDesk.
This dramatic downturn eliminated nearly $3 billion in total market value. The token’s market capitalization plummeted from approximately $3.8 billion to roughly $969 million within just a few hours.
What made this crash particularly unusual was the limited trading activity. Just around $21 million in volume was recorded during the 24-hour window, which seems remarkably low given the magnitude of the 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
The exact trigger behind this massive sell-off remains unclear. There were no verified reports of security breaches, hacking incidents, or official communications from MemeCore’s leadership.
Attempts to reach MemeCore for commentary went unanswered. By Thursday morning across Asian time zones, the project had issued no public statements addressing the sudden price collapse.
April Alert from ZachXBT
This dramatic price drop has revived concerns first raised several months ago. Back in April, prominent blockchain sleuth ZachXBT raised questions about Kraken’s decision to offer M for spot trading in July 2025, questioning whether adequate vetting procedures were 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 investigation, insiders allegedly “manipulated the price” to achieve a $6 billion market capitalization and an $18 billion fully diluted valuation. He highlighted approximately $7.9 million in questionable withdrawals from Kraken directed toward 18 freshly established wallet addresses.
His research also indicated that a wallet presumed to be controlled by MemeCore’s team acquired 200 million M tokens during the initial launch, with substantial portions of these tokens subsequently transferred to Kraken deposit addresses. These allegations remain unverified by independent sources.
ZachXBT observed that Kraken represented one of very few platforms offering M spot trading. He further noted that the project’s primary marketing strategy centered on incentivized social campaigns that compensate users for posting content, commonly referred to as InfoFi.
Shallow Market Depth Accelerated Decline
The convergence of concentrated token holdings, restricted exchange availability, and compensated promotional tactics established an environment where sales pressure could trigger extreme price volatility.
When liquidation commenced, insufficient genuine liquidity existed to cushion the impact, explaining both the velocity and severity of the collapse.
As of Thursday morning, M’s market capitalization stood at roughly $969 million, representing a steep decline from the approximately $3.8 billion valuation recorded before the downturn initiated.
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