MemeCore's native token, M, has suffered a dramatic collapse, falling more than 76% in the past 24 hours and erasing nearly $3 billion in market value. The token was trading at approximately $0.68 on June 25 after briefly dipping to $0.5055 during the selloff, according to CoinGecko data. The decline has reduced MemeCore's market capitalization to roughly $940.9 million, with its fully diluted valuation dropping to about $3.85 billion.
The sudden crash occurred without any confirmed exploit, hack, or official announcement explaining the move. Within hours, M fell from nearly $3 to around $0.50, pushing it out of the large-cap cryptocurrency category. On-chain investigator ZachXBT noted on Telegram that the token's fully diluted valuation had fallen from approximately $14 billion to $3.8 billion after the selloff on centralized exchanges.
Supply Concentration and Liquidity Concerns Resurface
Questions about MemeCore's token distribution had surfaced months earlier. In April, ZachXBT asked the project to explain how M had reached a multibillion-dollar valuation while a large share of its supply appeared concentrated among a small number of holders. Blockchain data at the time showed a Binance deposit address held about 41.3% of the token supply, while another wallet controlled 50 million M tokens, worth about $178 million, accounting for another 21.77% of circulating supply.
ZachXBT also highlighted that Arkham data showed no single transfer larger than $50,000 on BNB Chain for more than two weeks, and Dexscreener data indicated less than $100,000 of total on-chain liquidity on the network. He called for answers from Binance and Bybit regarding their listing of M for perpetuals, and from Kraken and Bitget for listing M spot, stating that such tokens extract from retail investors and harm the industry's reputation.
Exchange Listing Standards Under Fire
The collapse has renewed attention on exchange listing standards. In April, ZachXBT questioned Kraken's decision to list M, citing $7.9 million in suspicious withdrawals to 18 newly created addresses and alleged team-linked transfers into Kraken deposit addresses. The incident underscores broader risks in the crypto market, where tokens with concentrated ownership and thin liquidity can experience extreme volatility.
For investors, this event highlights the importance of scrutinizing tokenomics and liquidity before trading. As the market digests the news, M's price remains under pressure, with key support levels lost. The token's ability to recover will depend on whether the project can provide transparency on supply and liquidity, and whether exchanges reassess their listing criteria.
Related reading: Bear Markets Reveal Which Crypto Projects Have Real Revenue and Clean Tokenomics and Hyperliquid's HYPE Slips 6% After $32M Transfer and Token Unlock Stir Supply Fears.
This article is for informational purposes only and does not constitute financial advice.
