MemeCore's M token plunged over 73% on June 25 without any official bearish news. On-chain detective ZachXBT alleged in April that its trading volume and popularity were suspiciously fabricated, questioning the authenticity of the token's trading volume and accusing insiders of manipulating the price. ZachXBT's allegations have not yet been verified by third-party independent institutions, and MemeCore has not issued any statement regarding this crash.
<a data-currency='M' href='/trade/M_USDT'>$M Token Crash Data and Trading Volume Structure
According to CoinGecko data, the $M token hit a low of $0.51 within 24 hours and stabilized at around $0.74, a drop of 73%. Its market cap shrank from $3.8 billion before the crash to approximately $969 million.
The total trading volume on the day of the crash was only about $21 million. This volume is extremely low relative to the $3.8 billion market cap before the crash, revealing that the token lacked the market liquidity depth needed to absorb heavy sell pressure prior to the crash.
Summary of ZachXBT's On-Chain Investigation Allegations from April 2026
ZachXBT publicly questioned Kraken's decision to list the $M token for spot trading on social platforms in April 2026, disclosing the following specific allegations:
· Insiders allegedly manipulated the token price, pushing the market cap to $6 billion and the fully diluted valuation to $18 billion.
· $7.9 million in funds were withdrawn from Kraken into 18 newly created wallets.
· An address suspected to belong to the MemeCore team obtained 200 million $M during the token's initial launch phase, then transferred millions to a Kraken deposit address.
· Trading volume primarily came from unnatural volume on Launchpad platforms.
· The project's popularity relied on paid account posts and social media reward mechanisms to build inorganic engagement.
All the above allegations are the conclusions of ZachXBT's personal on-chain investigation and, as of June 25, 2026, have not been formally verified by any third-party institution.
MemeCore's Official Public Response as of Reporting Time
As of June 25, 2026, MemeCore has not issued any public statement regarding the $M token crash, nor has it made a written response to ZachXBT's on-chain allegations from April. Whether Kraken has issued an official explanation regarding ZachXBT's questions has not been reported.
Frequently Asked Questions
What are the known triggering events for this $M token crash?
According to available reports, this crash had no confirmed trigger such as a hacker attack, technical vulnerability, or official announcement. ZachXBT's price manipulation allegations preceded the crash, but a direct causal link between the two has not been verified by third parties.
Have ZachXBT's allegations been verified by third parties or responded to by MemeCore?
As of June 25, 2026, ZachXBT's April allegations have not been independently verified by any third-party institution, and MemeCore has not made any written response to either the allegations or this crash.
Which platforms currently offer spot trading for M token?
According to ZachXBT's April allegations, Kraken is one of the few platforms supporting spot trading for the M token. As of this report, MemeCore has not issued an update on the current listing status on exchanges.
