MemeCore’s M token shed 76% of its value on Thursday in a sudden selloff that handed traders no clear reason.
The crash wiped billions from the token’s valuation and pushed its market capitalization below $1 billion.
MemeCore Token Falls From $2.66 to $0.5 in One Session
According to BeInCrypto Markets data, the meme coin tumbled from $2.659 to an intraday low of $0.50 before paring some losses. M traded near $0.6858 at press time, down 76.38% on the day.
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The token’s fully diluted valuation (FDV) fell to roughly $3.69 billion. Its market cap dropped to about $903 million, from around $3.5 billion before the slide.
Thursday’s decline left the token ranked 72nd by market capitalization. The wider crypto market slipped just 1.64% over the same window. M’s loss far outpaced that move.
ZachXBT’s Warnings Resurface
Onchain investigator ZachXBT addressed the crash in a Telegram post, pointing to his past warnings about the meme coin.
“Myself, Mlm, & Wazz previously highlighted a number of red flags on X about MemeCore with inorganic supply concentration and deceptive practices by its team to boost user numbers,” he said.
ZachXBT cited Arkham data showing no onchain transfer above $50,000 on BNB Smart Chain (BSC) in more than two weeks. Dexscreener data indicated under $100,000 in total onchain liquidity there.
“The community needs answers from Binance & Bybit about why M was listed for perps and why Kraken & Bitget listed M spot as these highly manipulated tokens continue to give our industry a bad reputation and extract from retail,” the investigator added.
In April, ZachXBT publicly questioned Kraken’s decision to list M for spot trading. He asked how the token cleared the exchange’s due diligence.
“Kraken has a thorough listing process and reviews listed assets against its standards on an ongoing basis,” a Kraken spokesperson told BeInCrypto.
BeInCrypto has reached out to MemeCore and the exchanges for comment.
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