M token takes an 80% nosedive, proving once again that "no catalyst" is a catalyst 📉

MemeCore's M token dropped roughly 74% over 24 hours, sliding from a high near $2.92 to as low as $0.51 before stabilizing around $0.74, with no exploit, hack or official statement cited as a trigger. The decline erased close to $3 billion in market value, according to CoinDesk data, taking M's market capitalization below $1 billion to about $969 million from roughly $3.8 billion before the slide. Trading remained thin relative to the size of the move, with only about $21 million changing hands over the day. No confirmed catalyst had emerged as of Asian morning hours on Thursday, when MemeCore had not publicly acknowledged the drop or responded to requests for comment.

Attention quickly turned to prior scrutiny of the token. In an April 20 post, onchain investigator ZachXBT questioned how the exchange Kraken had listed M for spot trading on July 3, 2025 and how the listing cleared the exchange's due diligence. "Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence? $7.9M in suspicious Kraken withdrawals to 18 newly created addresses with 11.7 $M sitting total (valued at $39.8M now). Insiders have manipulated the price to $6B market cap ($18B FDV)…" he wrote. He also pointed to about $7.9 million in what he called suspicious Kraken withdrawals to 18 newly created addresses, said an address he suspected belonged to the MemeCore team had received 200 million M at the token's launch and subsequently sent millions of tokens to Kraken deposit addresses, and noted Kraken was one of only a handful of venues supporting M spot trading. The claims are ZachXBT's and have not been independently verified.

ZachXBT further stated the project's main promotional achievements were trading volume on a token launchpad and users drawn from incentivized social-media campaigns, known as InfoFi, that pay people to post. With little public communication from the team during the selloff, the episode has renewed focus on how tokens with concentrated supply, limited venues and demand tied to paid promotion behave once selling begins.