A digital token called M, issued by the MemeCore project, saw its price collapse by approximately 74% over a 24-hour period. The token fell from a high near $2.92 to a low of $0.51 before settling around $0.74. There has been no obvious trigger like an exploit, hack, or official announcement that could explain this sudden drop.
This decline wiped out about $3 billion in market value. According to CoinDesk data, M’s market capitalization fell below $1 billion to around $969 million, down from around $3.8 billion before the drop. Trading volume was relatively light compared to the size of the movement, with only about $21 million changing hands during that day.
No clear catalyst has yet been found
So far, no confirmed catalyst has emerged. But it’s worth noting that M is a token that famous onchain investigator ZachXBT publicly questioned months ago. In an April post, he asked why the Kraken exchange listed M for spot trading in July 2025 and how it allowed the exchange’s due diligence. He alleged that insiders manipulated the price to achieve a market cap of $6 billion and a fully diluted valuation of $18 billion, which is the value the token would have if all the coins that would ever exist were already in circulation.
ZachXBT highlighted approximately $7.9 million in what it calls suspicious withdrawals from Kraken to 18 newly created wallets. He also said that an address he suspected belonged to the MemeCore team received M200 million during the token’s launch before sending millions of those tokens to Kraken deposit addresses. He further noted that Kraken was one of the few platforms supporting M spot trading and that the team’s main promotional achievements consisted of trading volume on a token launch pad and users drawn from social media incentive campaigns known as InfoFi, which pays people to post. I should mention that these claims are those of ZachXBT and have not been independently verified.
Silence from the project team
MemeCore did not immediately respond to requests for comment. As of Thursday morning in Asia, the project had not publicly acknowledged or released the token slide.
Whatever triggered the sell-off, this move shows how fragile a token with these characteristics can be. A coin whose supply is believed to rely largely on insiders, whose trading occurs on a handful of sites, and whose demand relies on paid promotion can plummet almost vertically once selling begins. The reason is simple: there is little real liquidity to absorb it.
