The collapse of MemeCore: token M plummeted by 76% in a single day — billions evaporated, and the community demands answers.
The memecoin MemeCore (M) experienced a catastrophic collapse, losing 76% of its value in just 24 hours. The sudden crash erased billions of dollars in market capitalization, dropping it below the $1 billion mark. The reasons for such a sharp sell-off remain a hot topic of debate within the community.
Drop from $2.66 to $0.50: Chronicle of a Single Day
According to data from my analysis, the M token crashed from an intraday high of $2.659 to a low of $0.50. After a partial rebound, the price stabilized around $0.6858, representing a net loss of 76.38% in one day. The fully diluted valuation (FDV) plummeted to $3.69 billion, while the actual market capitalization shrank from $3.5 billion to $903 million. Amid this crash, the token moved to 72nd place in the global ranking. Notably, the overall cryptocurrency market fell by only 1.64% over the same period, highlighting the extraordinary nature of M's decline.
ZachXBT's Ominous Warnings: Manipulation and "Dirty" Listing
Prominent on-chain analyst ZachXBT commented on the situation on Telegram, recalling his previous warnings. He pointed to an abnormal concentration of tokens and the misleading of users to inflate metrics. According to him, on the BNB Smart Chain (BSC), there had been no on-chain transactions exceeding $50,000 for over two weeks, and total on-chain liquidity on DEXs does not exceed $100,000.
ZachXBT emphasized that the community has the right to demand explanations from Binance and Bybit for including M in perpetual contracts, as well as from Kraken and Bitget for allowing spot trading of this token. "This tarnishes the reputation of the entire industry and 'siphons' money from retail investors," he stated.
My Analysis: Red Flags and a Systemic Problem
Personally, I believe that the collapse of MemeCore is not a coincidence but an inevitable outcome of ignoring fundamental "red flags." When a token with virtually zero on-chain activity and suspicious concentration gets listed on top exchanges, it undermines trust in the entire ecosystem. Investors should view such incidents as a harsh lesson: if an asset looks too good to be true and lacks real liquidity, it is almost always a trap. The memecoin market remains a high-risk zone where manipulation is not the exception but the rule.