MemeCore Token Ambles, Market Value Drops Nearly US$3 Billion

JAKARTA - The M token belonging to the MemeCore blockchain project fell sharply without a clear trigger. Its price plummeted about 74 percent in 24 hours, from nearly 2.92 US dollars to 0.51 US dollars, before moving around 0.74 US dollars.

Launching CoinDesk quoted Thursday, June 25, the decline occurred without reports of hacking, system exploitation, or official announcements from the project. M's market value shrank by almost 3 billion US dollars.

Based on CoinDesk data, M's market capitalization fell from around $3.8 billion to around $969 million. Its trading volume is also relatively thin. Only about $21 million in tokens changed hands in a day.

There is no confirmed cause. However, the M token has previously been in the spotlight of on-chain investigator ZachXBT. On-chain means activity that is recorded directly on the blockchain network and can be tracked through a crypto wallet.

In an April post, ZachXBT questioned the decision of the Kraken crypto exchange to list M for spot trading in July 2025. He also questioned the process of testing the token's eligibility before listing on the exchange.

ZachXBT accused insiders of manipulating the price of M so that its market capitalization reached 6 billion US dollars. He also said that the full diluted valuation of the token had reached 18 billion US dollars.

The full diluted valuation is the value of the token if all the coins that will be in circulation are counted as if they had entered the market today.

According to CoinDesk, ZachXBT also highlighted the withdrawal of about 7.9 million US dollars from Kraken to 18 new wallets. He called the transaction suspicious. He also said an address allegedly associated with the MemeCore team received 200 million M tokens during the launch, then sent millions of tokens to the Kraken deposit address. CoinDesk confirmed that ZachXBT's claim has not been independently verified.

ZachXBT also noted that Kraken is one of the few places that supports spot M trading. He assessed that the project's main promotion is based on trading volume on the token launch platform and an incentivized social media campaign, or InfoFi. This term refers to a scheme that pays users to make uploads.

MemeCore has not immediately responded to a request for comment. As of Thursday morning Asia time, the project has also not made a public statement about the fall in the price of the M token.

This movement shows the fragility of tokens with thin liquidity and limited trading. Tokens that are said to be supplied by many insiders, traded on few exchanges, and their demand depends on paid promotions can fall very quickly when selling pressure arises.