MemeCore’s M token has plunged more than 76% over the past 24 hours, extending its collapse to about $0.68 and erasing nearly $3 billion in market value as fresh scrutiny has returned to the project’s tokenomics, liquidity, and exchange listings.
According to Coingecko price data, M traded at about $0.68 on June 25 after dropping as low as $0.5055 during the selloff.
The token had traded between $0.5055 and $2.92 over the previous 24 hours.
The latest decline has reduced MemeCore’s market capitalisation to about $940.9 million, while its fully diluted valuation has fallen to roughly $3.85 billion.
Within a matter of hours, M crashed from nearly $3 to around $0.50 without any confirmed exploit, hack, or official announcement explaining the move.
The decline also pushed the token out of the group of large-cap cryptocurrencies after it had previously traded at a much higher valuation.
On-chain investigator ZachXBT said on Telegram that M’s fully diluted valuation had dropped from about $14 billion to $3.8 billion after the sudden selloff on centralised exchanges.
He added that he, Mlm, and Wazz had previously flagged concerns over concentrated token ownership and what he described as misleading user growth practices.
According to ZachXBT, Arkham data showed no single transfer larger than $50,000 on BNB Chain for more than two weeks.
He also said Dexscreener data showed less than $100,000 of total on-chain liquidity on the network.
“The community needs answers from Binance & Bybit about why M was listed for perps and why Kraken & Bitget listed M spot as these highly manipulated tokens continue to give our industry a bad reputation and extract from retail,” the investigator wrote.
In a separate post on X, ZachXBT also asked MemeCore figure Rudy Rong how many retail investors had lost money due to what he described as the MemeCore team’s manipulation of the M token.
M supply concerns had surfaced months before the collapse
Questions surrounding MemeCore’s token distribution had already surfaced in April.
At the time, ZachXBT asked the project to explain how M had reached a multibillion-dollar valuation while a large share of its supply appeared to remain concentrated among a small number of holders.
The investigator also requested evidence supporting the project’s reported market capitalization and statements regarding insider ownership.
Blockchain data cited in that earlier report showed a Binance deposit address held about 41.3% of the token supply.
Another wallet controlled 50 million M tokens, worth about $178 million at the time, accounting for another 21.77% of the circulating supply.
The recent collapse has renewed attention on those earlier warnings.
While the cause of the selloff remains unconfirmed, questions surrounding concentrated ownership, liquidity, and token supply have returned after the sharp decline.
Exchange listing standards have also come under renewed attention.
In April, ZachXBT questioned Kraken’s decision to list M, citing $7.9 million in suspicious withdrawals to 18 newly created addresses and alleged team-linked transfers into Kraken deposit addresses.
The April allegations also claimed insiders had helped push M to a $6 billion market capitalisation and an $18 billion fully diluted valuation.
As of now, those claims remain allegations and have not been independently verified by all parties involved.
M’s technical outlook shows severe structural damage
Price action on the daily chart illustrates how quickly the market structure broke apart once selling accelerated.
After spending several weeks moving sideways between roughly $2.8 and $3.2, M lost support near the bottom of that range before collapsing almost vertically to around $0.68.
M/USDT 1-day price chart. Source: TradingView.
The move carried the token well below several Fibonacci extension levels in a single session.
Price sliced through the 1.618 extension near $2.10 and the 2.618 extension around $1.27 before stabilizing close to the 3.618 extension, an area that often represents an extreme downside move rather than a routine correction.
The accompanying volume profile also shows that most historical trading activity took place well above the current price.
Once M dropped below that high volume region, the chart offered little evidence of meaningful historical support before the selloff accelerated.
Although technical indicators cannot explain what triggered the decline, they do show that buyers failed to establish support as the breakdown unfolded.
Any sustained recovery would likely require the token to reclaim several former support levels between roughly $1.30 and $2.10, while the previous consolidation zone near $3 now represents an even stronger area of resistance.
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