A digital token called M, issued by the project MemeCore, saw its price collapse by about 74% over a 24-hour period. The token fell from a high near $2.92 down to as low as $0.51 before settling around $0.74. There was no obvious trigger like an exploit, hack, or official announcement that could explain the sudden drop.
The decline erased roughly $3 billion in market value. According to CoinDesk data, M’s market capitalization dropped below $1 billion to about $969 million, down from roughly $3.8 billion before the slide. The trading volume was relatively light compared to the size of the move, with only about $21 million changing hands during that day.
No clear catalyst found yet
So far, no confirmed catalyst has emerged. But it is worth noting that M is a token that well-known onchain investigator ZachXBT publicly questioned months ago. In an April post, he questioned why the exchange Kraken had listed M for spot trading in July 2025 and how it cleared the exchange’s due diligence. He alleged that insiders had manipulated the price to achieve a $6 billion market capitalization and an $18 billion fully diluted valuation, which is the value the token would have if every coin that will ever exist were already in circulation.
ZachXBT pointed to about $7.9 million in what he called suspicious withdrawals from Kraken to 18 newly created wallets. He also said an address he suspected belonged to the MemeCore team had received 200 million M at the token’s launch before sending millions of those tokens to Kraken deposit addresses. He further noted that Kraken was one of only a few platforms supporting M spot trading and that the team’s main promotional achievements consisted of trading volume on a token launchpad and users drawn from incentivized social-media campaigns known as InfoFi, which pay people to post. I should mention these claims are ZachXBT’s and have not been independently verified.
Silence from the project team
MemeCore did not immediately respond to requests for comment. As of Asian morning hours on Thursday, the project had not acknowledged or publicly posted about the token’s slide.
Whatever set off the selling, this movement shows how fragile a token with those traits can be. A coin whose supply supposedly sits largely with insiders, whose trading runs through a handful of venues, and whose demand leans on paid promotion can fall almost vertically once selling starts. The reason is simple: there is little real liquidity underneath to absorb it.
