MemeCore's M Token Plummets 80% Without Clear Reason

MemeCore's M token has seen an alarming drop of approximately 74% within a single day, plummeting from nearly $2.92 to around $0.51. This decline wiped out nearly $3 billion in market capitalization, reducing the token's value to about $969 million from its previous high of $3.8 billion.

Market Value Collapse

The sudden drop in M's value occurred without any clear trigger, such as an exploit or significant announcement. Trading volume was relatively low, with only about $21 million exchanged during the day, raising questions about the token's stability.

On-chain investigator ZachXBT previously indicated that the price of M had been artificially supported by insiders. In an April post, he expressed concerns regarding the legitimacy of M's listing on the Kraken exchange and suggested that insiders had manipulated the token's price to inflate its market cap to $6 billion.

"Why did Kraken list $M (Memecore) on July 3, 2025 for spot trading and how did it pass due diligence?" — ZachXBT

ZachXBT highlighted suspicious withdrawals amounting to approximately $7.9 million from Kraken to newly created wallets, pointing out that a substantial portion of M tokens was transferred to Kraken deposit addresses shortly after the launch.

Despite the ongoing turmoil, MemeCore has yet to issue a public statement addressing the token's drastic decline. This incident underscores the vulnerabilities associated with tokens that have high insider ownership and limited trading options, which can lead to significant price volatility.