- MemeCore’s M token crashed over 80%, falling from nearly $3 to $0.48.
- Market value dropped from about $4 billion to under $1 billion in just hours.
- ZachXBT renewed concerns over insider control and alleged manipulation.
MemeCore’s M token suffered one of the sharpest collapses in the crypto market this week, plunging more than 75% in a single day before recovering slightly.
Market data shows M fell from nearly $3 to a low of around $0.48 before rebounding to roughly $0.75. The weekly chart shows a massive red candle wiping out months of gains in hours. At its lows, the token was down more than 80% from the previous day’s levels.
The selloff erased billions of dollars in value. Market capitalization dropped to roughly $940 million from nearly $4 billion before the crash. Fully diluted valuation also fell sharply to around $7.15 billion.
ZachXBT’s Earlier Warnings Return to Focus
The collapse has renewed attention on concerns raised months ago by on-chain investigator ZachXBT.
Back in April, ZachXBT publicly questioned how MemeCore achieved a market capitalization exceeding $6 billion. He also raised concerns about insider ownership, claiming more than 90% of the token supply was controlled by insiders.
The investigator further pointed to millions of dollars in withdrawals linked to wallets allegedly connected to the project shortly after major exchange listings. He questioned whether the valuation reflected genuine demand or price manipulation.
Following the latest crash, ZachXBT again asked how many retail investors may have lost money due to what he described as manipulation around the token.
At the time of writing, MemeCore has not publicly responded to the allegations or provided an explanation for the sudden price collapse.
No Hack, Exploit, or Official Trigger
Unlike many major token crashes, there was no reported hack, protocol exploit, security breach, or negative project announcement tied to the selloff. The absence of a clear catalyst has left traders searching for answers.
Some market participants believe liquidity conditions played a major role. Despite carrying a multi-billion-dollar valuation before the crash, M reportedly had relatively limited spot market liquidity. Data showed only about $21 million in daily trading volume during a move that wiped out nearly $3 billion in market value.
Analysts noted that tokens with concentrated ownership and thin liquidity can experience violent price swings when large holders begin selling.
Market Manipulation Claims Resurface
Several traders pointed to long-running concerns about MemeCore’s token structure. Critics have accused insiders of pushing M to an artificial multi-billion-dollar valuation while maintaining significant control over supply.
While this theory remains unconfirmed, traders noted that sudden collapses of this size often occur when liquidity disappears faster than buyers can absorb selling pressure.
The project’s rise had been equally dramatic. M had previously surged more than 50 times from its lows and reached a peak near $4.82 in April before sentiment turned sharply negative.
After hitting lows near $0.41-$0.50, M staged a rebound of more than 60%, recovering to around $0.71-$0.76.
Related: Kraken Under Scrutiny as ZachXBT Flags Memecore Flows
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