MemeCore’s M token suddenly crashes 80% with no clear trigger
The token fell from nearly $3 to about $0.50 in hours, wiping out close to $3 billion in market value, with no exploit or announcement to explain it. Onchain investigator ZachXBT warned in April that M’s price had been propped up by insiders.
Make preferred on
Share this article
Summary
- MemeCore’s M token plunged about 74 percent in 24 hours, wiping out nearly $3 billion in market value as its price fell from around $2.92 to about 74 cents.
- The sharp drop came on relatively thin trading volume of roughly $21 million and without any confirmed news, exploit or hack to explain the move.
- The slide follows earlier, unverified allegations by on-chain investigator ZachXBT that insiders manipulated M’s price and concentrated supply, underscoring how tokens with heavy insider ownership, limited venues and paid promotion can be highly fragile.
