MarketsMemeCore's M token has experienced a sharp decline of approximately 74% within just 24 hours, dropping from near $2.92 to around $0.51, resulting in a loss of nearly $3 billion in market capitalization. This dramatic fall occurred without any apparent exploit, announcement, or news to clarify the situation. On-chain investigator ZachXBT had previously indicated in April that the price of M had been artificially supported by insiders.
The token fell from nearly $3 to about $0.50 in hours, wiping out close to $3 billion in market value, with no exploit or announcement to explain it. Onchain investigator ZachXBT warned in April that M's price had been propped up by insiders.
By Shaurya Malwa | Edited by Omkar Godbole Jun 25, 2026, 5:35 a.m. 2 min read
- The M token's market value plummeted by approximately $3 billion, falling from approximately $2.92 to about 74 cents in just 24 hours.
- This significant decline happened on relatively low trading volume of around $21 million, with no confirmed news or exploits to explain the drop.
- The downturn follows earlier claims by ZachXBT that insiders had manipulated the price and concentrated supply of M, highlighting the vulnerability of tokens with high insider ownership and limited trading venues.
The collapse of MemeCore's M token saw it drop about 74% over the course of a day, sliding from a peak just below $2.92 to a low of around $0.51 before stabilizing at approximately $0.74, all without any clear reason for the decrease.
This decline erased nearly $3 billion in market capitalization, reducing M's market cap to approximately $969 million from around $3.8 billion according to CoinDesk data.
Trading activity was low relative to the magnitude of the price drop, with only about $21 million traded in the day.
No definitive trigger has been identified for this sharp decline. However, M is a token that was previously scrutinized by the well-known on-chain investigator ZachXBT.
In an April post, ZachXBT questioned why the exchange Kraken had listed M for spot trading in July 2025, and how it had passed the exchange's due diligence process. He alleged that insiders had "manipulated the price" to achieve a market capitalization of $6 billion, along with a fully diluted valuation of $18 billion, which reflects the value the token would have if all coins were in circulation.
Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence?
— ZachXBT (@zachxbt) April 20, 2026
$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 highlighted approximately $7.9 million in what he deemed suspicious withdrawals from Kraken to 18 newly established wallets, noting that an address he suspected to be associated with the MemeCore team had received 200 million M tokens at launch and subsequently transferred millions to Kraken deposit addresses.
He also mentioned that Kraken was among the few platforms offering M for spot trading and that the main promotional efforts for the token were based on trading volume from a launchpad and user engagement through incentivized social media campaigns, known as InfoFi, which pay users to post. (These claims are attributed to ZachXBT and have not been independently verified).
MemeCore has not provided an immediate response to inquiries and has not publicly addressed the token’s decline as of Thursday morning in Asia.
Regardless of the cause of this sell-off, the incident illustrates the fragility of a token characterized by significant insider holdings, limited trading venues, and demand reliant on paid promotions, as it can experience a steep decline when selling pressure emerges due to a lack of substantial liquidity to absorb it.
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