TLDR
- MemeCore’s M token dropped around 74% in 24 hours, falling from $2.92 to as low as $0.51
- Close to $3 billion in market value was wiped out, dropping market cap to about $969 million
- No exploit, hack, or official announcement explained the crash
- Onchain investigator ZachXBT had warned in April that insiders manipulated M’s price
- MemeCore had not publicly responded or commented as of Thursday morning
MemeCore’s M token collapsed roughly 74% in a single day, sliding from a high near $2.92 to as low as $0.51 before settling around $0.74, according to CoinDesk data.
The crash wiped out close to $3 billion in market value. M’s market cap fell from around $3.8 billion to about $969 million in the space of hours.
Despite the scale of the drop, trading volume was thin. Only about $21 million changed hands over the 24-hour period, which is low for a move of that size.
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
No confirmed reason for the sell-off has emerged. There was no reported hack, exploit, or announcement from the MemeCore team.
MemeCore did not respond to requests for comment. As of Thursday morning in Asia, the team had not posted anything publicly about the crash.
ZachXBT’s April Warning
The crash puts renewed attention on warnings raised months earlier. In April, well-known onchain investigator ZachXBT publicly questioned how Kraken had listed M for spot trading in July 2025 and whether it had passed the exchange’s due diligence checks.
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
ZachXBT alleged that insiders had “manipulated the price” to a $6 billion market cap and an $18 billion fully diluted valuation. He pointed to roughly $7.9 million in what he described as suspicious withdrawals from Kraken to 18 newly created wallets.
He also said an address he believed belonged to the MemeCore team received 200 million M tokens at launch, and that millions of those tokens were later sent to Kraken deposit addresses. These claims have not been independently verified.
ZachXBT noted that Kraken was one of only a handful of venues supporting M spot trading. He also said the project’s main promotional activity relied on incentivized social media campaigns that pay users to post, a practice known as InfoFi.
Thin Liquidity Beneath the Price
The combination of concentrated token supply, limited trading venues, and paid promotion created conditions where selling pressure could move the price sharply downward.
Once selling began, there was little real liquidity to absorb it, which is consistent with the speed and depth of the drop.
M’s market cap sat at approximately $969 million as of Thursday morning, down from around $3.8 billion before the slide began.
