Memecore reclaims $1 after 80% wipeout on $21M volume — thin ice, thin book 🍦

Memecore [M] has rallied 54% in 24 hours and was trading back above the $1 psychological level, lifting its market capitalization above the $1 billion mark and as high as $1.47 billion at the time of writing. The move contributed to memecoin sector performance, though the sector still underperformed Bitcoin [$BTC], shedding 8.9% in market cap compared with BTC's 2.9% decline. Crypto market participants remained skeptical of the price action, questioning how a token with a market cap above $1 billion could exhibit such thin liquidity on the order books.

The token recorded a one-day correction of more than 80% last week on only $21 million in trading volume, with no clear catalysts such as a hack or exploit. In April, on-chain investigator ZachXBT publicly questioned M's supply distribution, alleging insider manipulation as the reason behind elevated valuations. On the one-day timeframe, price action was bearish, with the Awesome Oscillator well below the zero line indicating strong downward momentum. The Chaikin Money Flow climbed from -0.49 to -0.09, still below the -0.05 threshold that signals sizeable capital outflows.

The $4.83 swing high recorded in April originated from the $1.20 launchpad, which was decisively breached during last week's low-liquidity selling. Although M has reclaimed the $1 round-number support, the $1.20-$1.30 area remained a heavy resistance zone. The token retested this zone multiple times from November 2025 to February 2026, establishing it as a key higher-timeframe horizontal level. Combined with the market-manipulation allegations and irregular recent price action, the conviction of long-term holders was tested.

M was trading back above $1 at the time of writing, but the token remained under pressure from sellers following last week's drawdown.