MemeCore Token Drops 74 Percent in a Day, Losing About $3 Billion in Value

MemeCore's M token fell about 74 percent over 24 hours on June 25, sliding from around $2.92 to as low as $0.51 before steadying near 74 cents. The move erased close to $3 billion in market value and cut the token's capitalization from roughly $3.8 billion to about $969 million. Trading volume totaled roughly $21 million for the day.

No confirmed exploit, hack or announcement accompanied the decline. On-chain investigator ZachXBT had raised questions about the token in an April 20 post. He alleged that insiders manipulated the price to a $6 billion market capitalization and an $18 billion fully diluted valuation, and pointed to $7.9 million in suspicious withdrawals from Kraken to 18 newly created addresses holding 11.7 million M tokens.

ZachXBT also stated that an address he suspected belonged to the MemeCore team received 200 million M tokens at launch and later sent millions to Kraken deposit addresses. Kraken listed M for spot trading on July 3, 2025. MemeCore did not respond to requests for comment and had not publicly addressed the price drop as of Asian morning hours on June 25.