MemeCore (M) collapse by 76%: signals of manipulation ignored for weeks
The MemeCore (M) token experienced a catastrophic crash, losing 76% of its value in just 24 hours. The market witnessed the instantaneous destruction of billions of dollars in market capitalization, which fell below the $1 billion mark.
In a single trading session, the asset's price collapsed from $2.659 to an intraday low of $0.50. At the time of data recording, M was trading at $0.6858, showing a daily decline of 76.38%. The fully diluted valuation (FDV) shrank to $3.69 billion, while the market capitalization dropped from $3.5 billion to $903 million.
Anomaly Amidst a Calm Market
Notably, the MemeCore crash occurred against a backdrop of a relatively stable cryptocurrency market. The broader market declined by only 1.64% over the same period. This indicates that M's fall was driven solely by internal project issues, not by broader market factors.
Warnings Left Unheeded
Prominent on-chain analyst ZachXBT commented on the situation on Telegram, reminding of his previous warnings regarding MemeCore. As early as April, he publicly questioned the reasons for M's listing on the Kraken spot market and wondered how the token passed the exchange's review.
According to analytical platforms, there have been no on-chain transactions exceeding $50,000 on the BNB Smart Chain (BSC) for over two weeks. The token's total on-chain liquidity also does not exceed $100,000. These are critically important signals indicating a lack of real trading activity and deep market manipulation.
Questions for Exchanges
The community rightly demands explanations from Binance and Bybit — why M was added to perpetual contracts, and why Kraken and Bitget allowed spot trading of this clearly manipulated asset. Such actions undermine the reputation of the entire industry and cause direct harm to retail investors.
Expert Opinion: The MemeCore story is a classic example of a "pump and dump" scheme made possible by the negligence of centralized exchanges. As long as listing procedures remain opaque and due diligence remains formal, we will see similar crashes time and again. Investors should take this as yet another reminder: high market capitalization and listings on top exchanges are not guarantees of safety.