Pseudonymous blockchain investigator ZachXBT tested MemeCore (M), a layer 1 blockchain designed for Meme 2.0.
In a recent response to a MemeCore X article, ZachXBT urged the L1 blockchain to provide data sets to support its $6 billion market cap.
The investigator also questioned its ranking among the top 20 tokens by market capitalization and how investors own more than 90% of the supply.
How did this allegation start?
So, as a reminder, Grayscale on April 2 ranked the top 20 tokens by market capitalization from 2018 to 2026. In this list, alongside big tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many others, MemeCore was also included.
Celebrating this milestone, MemeCore visited X on April 20 and noted:
Officially recognized on @Grayscale! We are just getting started.
Shortly after, ZachXBT criticized MemeCore and added:
Officially recognized on @ZachXBT! We are just getting started.
RaveDAO played an equal contribution
Later in the post, the investigator attached screenshots explaining why he thinks otherwise. For those who don’t know, RaveDAO (RAVE) has been in the news for days now thanks to its extreme price volatility.
Even at press time, the token was experiencing extreme price fluctuations, as it surged 216.9% in the last 24 hours, changing hands at $1.71. So, when analyzing RAVE, ZachXBT also highlighted other tokens with “highly questionable price action.”
In this list, MemeCore (M) was also present. This was further confirmed by M rising by over 27% over the past week. However, over the past 24 hours, the token saw a modest rise of 1.85%, trading at $3.54.
However, since the end of November 2025, the price of M has been caught in a sideways consolidation, but by the end of March, the memecoin had exited this phase.
In fact, during the first month of the second quarter of 2026, M managed to reach new daily highs, and in mid-April it finally broke the $3 resistance and reached $4.6.
The crypto community is divided
Echoing similar sentiments as ZachXBT, one X user noted:
However, not everyone shares the same view, as another X user pointed out that MemeCore does not rely on price actions alone. The user believes that various offline events and campaigns like AntsMaker and MemeX keep the holders engaged.
Making the same point, he said:
This doesn’t automatically justify everything, but it also means that it’s not just an empty narrative with no activity behind it.
Should we trust the Grayscale ranking?
In conclusion, amidst a mix of feelings and chatter, one question arises: Is Garyscale’s token ranking reliable? Well, considering that on CoinMarketCap M$ ranks 21st and on CoinGecko M$ ranks 19th, nothing can be said for now.
This is also because volatility plays a significant role in price action, thereby changing the token’s market capitalization and ranking.
So, unless MemeCore presents a full history of its growth thus far, it’s difficult to determine who is right in this debate.
Final summary
- MemeCore’s ranking among the top 20 tokens by market capitalization is raising eyebrows thanks to RaveDAO’s current price volatility.
- The crypto community is divided, with some echoing MemeCore while others echoing ZachXBT’s sentiment.
