MemeCore's M token crashed about 74% in 24 hours, wiping out nearly $3 billion in market value. On-chain investigator ZachXBT had warned in April that insiders manipulated the token's price. No exploit or announcement has been confirmed as the cause.
MemeCore's M token plunged about 74 percent to 74 cents in 24 hours, wiping out nearly $3 billion in market value with no exploit or confirmed catalyst to explain the slide, CoinGecko data shows.
On-chain investigator ZachXBT warned in April that insiders had "manipulated the price" of M to a $6 billion market capitalization, questioning how Kraken had listed the token for spot trading in July 2025. He pointed to $7.9 million in suspicious withdrawals from Kraken to 18 newly created wallets and said an address he believed belonged to the MemeCore team had received 200 million M at launch before sending millions to Kraken deposit addresses.
The token fell from a high near $2.92 to as low as 51 cents before steadying around 74 cents, with only about $21 million changing hands — thin relative to the size of the move. M's market capitalization dropped below $1 billion to roughly $969 million, from about $3.8 billion before the slide, per CoinDesk data. Kraken was one of only a few venues supporting M spot trading, and the team's main promotional efforts centered on trading volume from a token launchpad and incentivized social-media campaigns known as InfoFi.
The collapse shows how fragile tokens with heavy insider ownership, limited trading venues and demand reliant on paid promotion can be. With little real liquidity underneath to absorb selling, a token can fall close to vertically once selling starts. MemeCore did not publicly address the slide as of Asian morning hours Thursday.
This article is for informational purposes only and does not constitute investment advice.
