The token dropped from nearly $3 to about $0.50 within hours, wiping out roughly $3 billion in market value, with no hack, exploit, or official announcement to explain the sudden collapse. Onchain investigator ZachXBT had previously warned in April that M’s price may have been artificially supported by insiders.
MemeCore’s M token fell around 74% in 24 hours, sliding from about $2.92 to a low near $0.51 before partially recovering to around $0.74, with no confirmed catalyst behind the move.
The selloff erased close to $3 billion in market capitalization, pushing M below the $1 billion level to roughly $969 million, down from around $3.8 billion before the decline, according to CoinDesk data.
Despite the scale of the crash, trading activity was relatively light, with only about $21 million in volume recorded over the period.
No clear trigger has been identified so far, though the token had previously been questioned by onchain analyst ZachXBT.
In an April post, he raised concerns about Kraken’s decision to list M for spot trading in July 2025, questioning its due diligence and alleging insider activity that may have inflated the token’s valuation to around $6 billion, with an $18 billion fully diluted valuation.
ZachXBT also pointed to about $7.9 million in suspicious withdrawals from Kraken to 18 newly created wallets, and claimed a wallet linked to the MemeCore team received 200 million M at launch before sending large amounts to exchange deposit addresses.
He further noted that Kraken was one of the few major venues listing M, and suggested the project’s growth was driven largely by launchpad trading activity and incentivized social-media campaigns that reward engagement. (These claims remain unverified.)
MemeCore has not responded to requests for comment and had not issued any statement on the price drop as of Thursday morning in Asia.
The episode highlights how tokens with concentrated supply, limited liquidity, and promotion-driven demand can experience extreme volatility, as prices can unwind rapidly once selling pressure begins.
