MemeCore Token Drops Below $1 Billion Market Cap After 76% Crash

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.

Follow us on X to get the latest news as it happens

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.

BeInCrypto has reached out to MemeCore and the exchanges for comment.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights