MemeCore's M token loses ~75% in a day — no exploit, no statement, just vibes 📉

MemeCore's M token fell roughly 74–76% 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 announcement from the project to account for the drop. The decline erased close to $3 billion in market value, pushing M's market capitalization below $1 billion, to about $969 million, from roughly $3.8 billion before the slide, according to CoinDesk data. Spot trading volume over the day stood at about $21 million, with one outlet reporting 24-hour volume of $29.39 million, a 134.9% increase that the source characterized as aggressive distribution rather than sustained buying demand. Derivatives activity was hit harder, with long liquidations of approximately $7.97 million against short liquidations of about $699,000; Bybit recorded roughly $4.56 million in long liquidations and Binance about $1.9 million. Open Interest dropped 76.7% to $18.03 million as traders closed positions rather than re-enter.

No confirmed catalyst has emerged. M is a token that onchain investigator ZachXBT publicly questioned months ago. In an April post, he asked, "Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence?" and alleged that insiders had "manipulated the price" to a $6 billion market capitalization and an $18 billion fully diluted valuation. ZachXBT pointed to about $7.9 million in what he called suspicious withdrawals from Kraken to 18 newly created wallets, and said an address he suspected belonged to the MemeCore team had received 200 million M at the token's launch before sending millions of the tokens to Kraken deposit addresses. He further noted that Kraken was one of only a few venues supporting M spot trading, and that the team'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. The claims are ZachXBT's and have not been independently verified.

Price action confirmed a technical breakdown after MemeCore sliced below the $2.649 support level, extending toward $0.681 and leaving the token only slightly above the next notable support near $0.385, with overhead resistance around $1.25 and the former breakdown level near $2.649. MemeCore did not immediately respond to requests for comment and had not publicly acknowledged the slide as of Asian morning hours on Thursday.