A 90% Collapse and Growing Scrutiny MemeCore's native token $M has plunged from a peak of $4.82 in April to as low as $0.41, a fall of more than 90%, before recovering slightly to around $0.7
MemeCore's native token $M has plunged from a peak of $4.82 in April to as low as $0.41, a fall of more than 90%, before recovering slightly to around $0.70. The crash has drawn sharp attention across crypto social media and reignited broader concerns about low-float, high-valuation tokens listed on major exchanges.
At the centre of the scrutiny is onchain investigator @zachxbt, who publicly questioned how many retail investors lost money due to alleged manipulation by the MemeCore team. He asked directly: "How many retail investors lost funds due to the MemeCore team's M manipulation?" and also challenged exchange listing decisions, asking why Kraken and Bitget listed M spot and why Binance listed M perpetuals.
According to posts on X, ZachXBT pressed MemeCore to explain how M reached a multibillion-dollar valuation while a large share of supply appeared concentrated among a few holders. "Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold more than 90% of supply," he wrote.
Bubblemaps data shows significant supply held by a few large wallets, likely representing team or insider holdings. Insider control has been estimated at approximately 99.6% of total supply, leaving just 0.1% (around 9.7 million M tokens) for non-insiders, translating to a true free float with liquidity of only around $4 million.
Bitget opened M spot trading in July 2025, Binance Futures opened a MUSDT perpetual contract with up to 50x leverage four days later, and Kraken also supports M trading, putting all three platforms inside ZachXBT's criticism after the token's collapse.
The timing of the MemeCore scrutiny is significant, coming shortly after the collapse of RaveDAO. RAVE crashed more than 95% after ZachXBT exposed what he described as pump-and-dump style manipulation. ZachXBT had flagged M alongside other tokens with "highly questionable price action," including SIREN, MYX, COAI, PIPPIN, and RIVER, adding that he planned to review each one.
At the centre of the dispute is a familiar memecoin challenge: market caps can appear enormous when price is multiplied by total supply, even if most tokens are not meaningfully circulating. Critics say this dynamic can distort perceptions of MemeCore's value, particularly when price discovery happens on shallow order books. Limited float can make valuations look stronger than the underlying liquidity supports.
ZachXBT had previously questioned MemeCore's valuation and token supply, including concerns around insider concentration and suspicious exchange-linked flows. Those allegations have not been tested in court, and the latest crash does not by itself prove manipulation. No official response from the MemeCore team had been issued at the time of writing.
ZachXBT is a pseudonymous onchain investigator with a well-documented track record. In February 2025, he joined crypto venture capital firm Paradigm as an incident response advisor, with Paradigm co-founder Matt Huang stating that ZachXBT had helped recover more than $350 million for victims of hacks and scams.
Sources:CryptoAdventure: MemeCore Crashes 75% As ZachXBT Questions Exchange ListingsCrypto.news: ZachXBT Presses MemeCore Over $6B Valuation and Token Supply ConcentrationThe Block: ZachXBT Joins Paradigm as Incident Response Advisor
