MemeCore's M Token Plunges 80% Amidst Insider Allegations

MemeCore's M token has experienced a dramatic and unexplained crash, plummeting by over 80% and wiping out nearly $3 billion in market value. The digital asset, which traded at nearly $3, fell sharply to approximately $0.50 within hours, leaving investors and analysts searching for answers. This significant downturn occurred without any clear trigger, such as a security exploit, hack, or official announcement from the MemeCore project. The precipitous drop saw M's market capitalisation fall from an estimated $3.8 billion to below $1 billion, settling around $969 million according to CoinDesk data. Notably, this substantial price movement transpired on relatively thin trading volume, with only about $21 million changing hands over the 24-hour period – a stark contrast to the magnitude of the market value erased. The absence of an immediate catalyst has, however, brought renewed attention to past warnings about the token's integrity. On-chain investigator ZachXBT, a well-known figure in the cryptocurrency community, had previously raised serious concerns about M's market dynamics. In an April post, ZachXBT questioned the token's listing on the Kraken exchange in July 2025 and the thoroughness of Kraken's due diligence process. ZachXBT's allegations centred on the claim that insiders had manipulated M's price, artificially inflating its market capitalisation to a staggering $6 billion and an $18 billion fully diluted valuation (FDV). The FDV represents the theoretical market cap if all tokens ever to be released were already in circulation. The investigator highlighted what he described as suspicious withdrawals totalling approximately $7.9 million from Kraken to 18 newly created wallet addresses. Further adding to the concerns, ZachXBT pointed to an address believed to belong to the MemeCore team, which allegedly received 200 million M tokens at launch. Millions of these tokens were subsequently sent to Kraken deposit addresses. These observations collectively suggested a concerted effort to control and influence the token's price and distribution. The incident underscores the inherent fragility of tokens with concentrated ownership, limited trading venues, and aggressive promotional campaigns. MemeCore's M token was primarily supported by only a handful of exchanges, and its promotional efforts largely focused on trading volume on a token launchpad and user acquisition through incentives rather than substantive technological advancements or widespread adoption. This unverified but widely discussed allegation by ZachXBT implies that the M token's value may have been propped up by a small group, making it highly susceptible to sudden collapses once that artificial support is withdrawn or overcome by market forces. The current crash serves as a stark reminder for investors of the risks associated with highly speculated digital assets, particularly those with opaque ownership structures and a history of manipulation claims.