The collapse of MemeCore: the token plummeted 76% in a day, and the market demands answers from Binance and Bybit
The memecoin market is once again shaken by a devastating crash. The token MemeCore (M) lost 76.38% of its value in just 24 hours, triggering a wave of panic and billions in market cap losses. The drop was so sharp that it wiped billions of dollars off its market value, pushing it below the $1 billion mark.
Dramatic Fall: From $2.66 to $0.50
My market data shows that the asset's price collapsed from an intraday high of $2.659 to a low of $0.50. At the time of writing this analysis, M is trading around $0.6858, partially recovering its losses. The fully diluted valuation (FDV) has shrunk to $3.69 billion, while the actual market capitalization plummeted from $3.5 billion to $903 million. For comparison, the entire cryptocurrency market fell by only 1.64% over the same period, highlighting the scale of the disaster specifically for MemeCore.
Warning Signs That Were Ignored
On-chain analyst ZachXBT had been sounding the alarm about this project for some time. As early as April, he publicly questioned how a token with clear signs of manipulation was listed on exchanges like Kraken and Bitget. Now, his warnings sound particularly ominous. He points to an abnormal concentration of tokens and misleading users to inflate metrics. Data from Arkham confirms that on the BNB Smart Chain, there have been no on-chain transactions with M exceeding $50,000 for over two weeks, and total on-chain liquidity on Dexscreener does not exceed $100,000.
ZachXBT directly stated that the community deserves explanations from Binance and Bybit — why they added M to perpetual contracts, and how Kraken and Bitget allowed spot trading of an asset that, in his opinion, is "clearly being manipulated." This, he says, undermines the reputation of the entire industry and "siphons" money from retail investors.
My expert take: This case is a classic example of a pump-and-dump scheme disguised as a memecoin. The lack of real on-chain activity and the concentration of tokens among a small group of individuals are red flags that cannot be ignored. The fact that major exchanges continue to list such assets calls their due diligence into question. Investors should learn a lesson: if a project does not show transparent on-chain activity and has a suspicious token distribution structure, it is best to stay away. The memecoin market is a high-risk zone, and the collapse of MemeCore is a stark reminder of that.