On April 20, on-chain investigator ZachXBT expanded his probe into M token manipulation, naming Kraken as a key platform enabling the token's suspicious price action. He highlighted a stark discrepancy: M token, associated with the Memecore project, boasts a market capitalization of around $6 billion, yet its native app records only $66 million in total trading volume. Further, on-chain data reveals that wallets linked to insiders control over 90% of the circulating supply.
Kraken, Bitget and Binance Named in Manipulation Scheme
ZachXBT published his findings on social media, pointing to Kraken alongside Bitget and Binance as exchanges that received M tokens as part of listing fees or liquidity arrangements, thereby facilitating manipulation. He called out the exchanges for their role, but so far none of the three – Kraken, Binance, or Bitget – have issued an official response or acknowledged any wrongdoing.
Anatomy of a $6B Cap Token with Negligible Volume
M token currently ranks among the top 20 cryptocurrencies by market cap, but ZachXBT questioned the legitimacy of this valuation. “The biggest ‘achievement’ is that a certain app has total trading volume of just $66 million, while the token’s market cap is $6 billion,” he wrote. Adding to the concern, insider wallets hold more than 90% of the total supply. ZachXBT directly challenged the Memecore team: “Provide one data point supporting your $6 billion market cap and why insiders hold over 90% of the tokens.”
Pattern Following RAVE Collapse: Multiple Tokens Under Scrutiny
The M token investigation runs parallel to ZachXBT’s earlier exposé on RAVE, which he described as “one of the most blatant examples of manipulation.” RAVE later crashed 95% from its peak. He also flagged other projects – SIREN, MYX, COAI, PIPPIN, and RIVER – for further review. ZachXBT questioned how the community can pressure exchanges beyond public shaming, urging them to freeze manipulator accounts and redistribute recovered funds to affected users. He noted that major exchanges continue to list such tokens despite obvious red flags in their price action.