The collapse of MemeCore: the token plummeted by 76% in a day, analysts point to signs of manipulation
The meme coin market is once again demonstrating its extremely risky nature. The MemeCore (M) token has experienced a catastrophic collapse, losing more than 76% of its value in the last 24 hours. This sharp decline erased billions of dollars in market capitalization, dropping it below the $1 billion mark. Meanwhile, the broader cryptocurrency market fell by only 1.64% over the same period, highlighting the isolated and targeted nature of this crash.
From $2.66 to $0.50 in a single session
According to data from my analysis, the asset's price plummeted from an intraday high of $2.659 to a low of $0.50. At the time of writing, M is trading around $0.6858, having partially recovered losses but still deep in the red. The project's fully diluted valuation (FDV) has shrunk to $3.69 billion, and its market capitalization has fallen from $3.5 billion to $903 million. This has moved the token to the 72nd spot in the global ranking by market cap — a sharp decline for an asset that was recently in the top 50.
Warning signs and the role of exchanges
The collapse of MemeCore came as no surprise to those monitoring on-chain activity. Renowned analyst ZachXBT had repeatedly warned of suspicious signs surrounding this project. In his posts, he pointed to abnormal token concentration and misleading users to inflate metrics. According to Arkham, on the BNB Smart Chain (BSC), there have been no on-chain transactions involving M exceeding $50,000 in the past two weeks. Moreover, total on-chain liquidity on decentralized exchanges, per Dexscreener data, does not exceed $100,000.
These data paint a picture of an extremely illiquid and likely artificially supported market. A reasonable question arises: how did a token with such metrics manage to get listed on the spot market by giants like Kraken and Bitget, and also enter perpetual contracts on Binance and Bybit?
The community and experts are demanding official explanations from these exchanges. Incidents like this deal a serious blow to the reputation of the entire industry, undermining the trust of retail investors. It is clear that the due diligence procedures at the largest trading platforms require an immediate overhaul.
Expert opinion: The MemeCore story is a classic example of a "pump and dump" in modern form. Low liquidity combined with a high concentration of tokens among a small group of individuals is a sure sign that retail investors are acting as "exit liquidity" for large holders. Until exchanges implement stricter project verification mechanisms, such "rug pulls" will continue to recur time and again.