MemeCore Crash: Token M plummets 76% in a day, wiping out billions in market cap
The meme coin market is once again shaken by a dramatic crash. The token MemeCore (M) experienced a catastrophic collapse, losing 76.38% of its value in just 24 hours. This crash erased billions of dollars in market capitalization, dropping it below the $1 billion mark. For traders watching the events unfold, the reasons for such a sharp decline remained a mystery, but the chain of events points to coordinated actions.
Sharp Decline and Loss of Market Cap
Market data shows that the token's price plummeted from an intraday high of $2.659 to a low of $0.50. At the time of data recording, the asset was trading at $0.6858. The liquidation of positions caused the fully diluted valuation (FDV) to collapse to $3.69 billion, while the market capitalization shrank from $3.5 billion to $903 million. For comparison, the broader cryptocurrency market fell by only 1.64% over the same period, highlighting the localized nature of the disaster.
Warnings from On-Chain Analyst
Long before the crash, prominent on-chain analyst ZachXBT warned of suspicious signals surrounding MemeCore. In his Telegram comments, he pointed to an abnormal concentration of tokens and the misleading of users to artificially inflate metrics. According to data from the Arkham platform, there were no on-chain transactions exceeding $50,000 on the BNB Smart Chain (BSC) blockchain for over two weeks. Analytics from Dexscreener also confirmed that total on-chain liquidity does not exceed $100,000.
ZachXBT also raised the issue of the listing of the M token on exchanges. He noted that Binance and Bybit included the asset in perpetual contracts, while Kraken and Bitget allowed spot trading of a token that, in his opinion, is clearly being manipulated. According to the analyst, this damages the reputation of the entire industry and "siphons" money from retail investors.
Expert opinion: The MemeCore story is a classic example of a pump-and-dump scheme executed on a scale that calls into question the due diligence mechanisms at major exchanges. Investors should remember that an abnormally high concentration of assets in a few addresses and a lack of real on-chain activity are red flags that cannot be ignored. The meme coin market remains a high-risk zone where "fast money" can turn into a total loss of capital.