Key Takeaways:
MemeCore (M) jumped 70% on July 2, leading a rebound among speculative tokens as the broader cryptocurrency market stabilized after weeks of selling pressure.
The rally follows a 76% crash last week that pushed M from highs near $2.90 to a low of $0.48, with no confirmed exploit or hack to explain the drop, according to CoinGecko data. On-chain investigator ZachXBT had flagged alleged insider control of over 90% of the token's supply before the crash.
"The move reflects oversold recovery and meme sector rotation," one analyst said. The broader memecoin market capitalization rose more than 10% in the past 24 hours, with M riding that wave. The team issued a statement on June 30 confirming all systems operate normally and warned users about fake impersonator sites.
Only 1.31 billion of 10 billion M tokens are in circulation, meaning a significant supply overhang could hit the market at any time. A 70% bounce after a 76% crash typically attracts risk-tolerant traders looking for a quick flip rather than long-term buyers building a position, analysts noted.
The move comes as Bitcoin recovered above $61,000 after dovish signals from Federal Reserve Chair Kevin Warsh, who said inflation risks had come down, prompting traders to walk back expectations of a July rate hike. Solana's SOL gained 9% during the same period, while Ethereum rose 5%. The selective risk appetite that characterized the broader market — with institutional capital flowing into DeFi infrastructure tokens like Gnosis and Morpho while meme tokens bounced from crash levels — was on full display in M's sharp recovery. For traders, the question is whether this bounce has legs or simply offers an exit for holders who bought before last week's collapse.
This article is for informational purposes only and does not constitute investment advice.
