No hack, no exploit, no official negative announcement — yet the $M token from blockchain project MemeCore suffered a brutal crash of over 70% in just 24 hours.
According to CoinGecko data, $M slid from near $2.92 in the morning to a low of $0.51 before stabilizing around $0.74, marking a 73% drop in the past day. The sudden collapse erased nearly $3 billion in market capitalization — from $3.8 billion before the crash to roughly $969 million. Trading volume remained tepid at only $21 million, highlighting the token's extremely thin liquidity and shallow market depth.
On-Chain Sleuth ZachXBT Raised Red Flags Months Ago
While the exact trigger of the crash remains unclear, well-known blockchain detective ZachXBT had already voiced concerns about $M months earlier. In April, he questioned why exchange Kraken listed the token for spot trading, doubting how the project passed due diligence.
ZachXBT alleged that insiders were manipulating the price, inflating the market cap to $6 billion and the fully diluted valuation (FDV) to $18 billion. He traced suspicious on-chain flows: $7.9 million withdrawn from Kraken to 18 newly created wallets, and an address possibly belonging to the MemeCore team receiving 200 million $M at launch, then moving millions to Kraken deposit addresses — a move interpreted as preparing to dump.
He further noted that Kraken was one of the few exchanges supporting $M spot trading, and that the team's apparent success relied on inflated trading volume from launchpads and a system he called "InfoFi" — paying for posts and engagement to fabricate social media buzz. The allegations remain unverified by independent parties, and MemeCore has not yet responded to the crash.
Regardless of the exact cause, the crash exposes the fragility of such tokens. With coins concentrated in insider wallets, trading limited to a few platforms, and demand driven by paid marketing rather than genuine interest, any sell-off can trigger a vertical plunge — because beneath the shiny market cap, there is virtually no real liquidity to absorb the pressure.