The token plunged from nearly $3 to around $0.50 in just hours, erasing about $3 billion in market value, with no hack, protocol exploit, or official announcement to explain the sudden move. Onchain investigator ZachXBT had earlier alleged in April that M’s price may have been inflated by insiders.
MemeCore’s M token fell roughly 74% over 24 hours, dropping from about $2.92 to a low near $0.51 before stabilizing around $0.74, with no confirmed catalyst behind the selloff.
The decline wiped out close to $3 billion in market capitalization, pushing M’s valuation below $1 billion to roughly $969 million, down from about $3.8 billion before the drop, according to CoinDesk data.
Trading activity remained relatively thin despite the scale of the move, with only about $21 million in volume recorded over the day.
No definitive trigger has been identified, though the token has previously come under scrutiny from onchain analyst ZachXBT.
In an April post, he questioned Kraken’s decision to list M for spot trading in July 2025 and raised concerns about its due diligence, alleging insider activity may have helped inflate the token’s valuation to $6 billion, with an $18 billion fully diluted valuation.
ZachXBT pointed to roughly $7.9 million in suspicious withdrawals from Kraken to 18 newly created wallets, and claimed a wallet tied to the MemeCore team received 200 million M at launch before sending large amounts to exchange deposit addresses.
He also noted that Kraken was one of the few exchanges listing M, and said the project’s growth appeared heavily tied to launchpad activity and incentivized social-media campaigns that reward user engagement. (These allegations have not been independently verified.)
MemeCore did not respond to requests for comment and had not issued any public statement on the crash as of Thursday morning in Asia.
The incident underscores how vulnerable tokens with concentrated supply, limited liquidity, and promotion-driven demand can be, as prices can unwind sharply once selling pressure begins.
