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MemeCore Token Crashes 76% and Falls Below $1 Billion Market Cap

ZachXBT points to a concentrated token supply and thin on-chain liquidity on BNB Smart Chain. Binance, Bybit, Kraken, and Bitget are also under fire over M’s listing.

By Zenz van der Wielen
• 2 min read
MemeCore Token Crashes 76% and Falls Below $1 Billion Market Cap

Key Takeaways

  • MemeCore’s M-token lost 76% of its value on Thursday and fell below $1 billion in market cap.
  • The price dropped from $2.66 to an intraday low of $0.50, then recovered to around $0.69.
  • ZachXBT warned about concentrated token supply, low liquidity, and possible manipulation around the project.

MemeCore’s M-token saw a sharp price drop on Thursday, losing 76% of its value. The sudden sell-off pushed the meme coin’s market cap below the $1 billion mark (€0.9 billion), a huge drop from its earlier valuation of about $3.5 billion (€3.1 billion).

Price Drop and Market Impact

According to BeInCrypto Markets data, M’s price fell from $2.66 (€2.35) to an intraday low of $0.50 (€0.44), before recovering slightly to around $0.69 (€0.61). That drop was much steeper than the broader crypto market, which fell just 1.64% over the same period. The token’s fully diluted valuation (FDV) dropped to about $3.69 billion (€3.3 billion). With this move, M slipped to 72nd place in the crypto rankings by market cap.

Criticism and Tokenomics Concerns

On-chain researcher ZachXBT responded to the crash and pointed back to earlier warnings about MemeCore. He flagged a concentrated and possibly artificial token supply, along with misleading tactics by the team to inflate user numbers. According to him, there have been barely any large transactions on BNB Smart Chain for weeks, with very little on-chain liquidity, which raises questions about the project’s staying power.

ZachXBT also called on the involved exchanges Binance, Bybit, Kraken, and Bitget to explain their decision to list M, given the manipulation and risks these kinds of tokens can bring. He had already publicly questioned Kraken’s due diligence when it allowed M for spot trading.

Relevance for Dutch and European Investors

The sharp price drop and signs of possible manipulation highlight the risks that come with investing in meme coins like MemeCore. For European investors, who are increasingly getting access to a wide range of crypto investment products through regulated platforms, this situation shows why thorough due diligence and caution matter when entering these volatile market segments.

MemeCore’s collapse also points to the broader issues in the meme coin market, where many projects deal with unclear tokenomics and a high risk of sudden losses. That fits into a broader market where altcoins have been under pressure for a while, even as signs suggest the sector may be heading toward a new upswing.

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