Blockchain project MemeCore’s M token experienced a sharp decline of roughly 74% within a 24‑hour period, falling from a peak near $2.92 to a low of $0.51 before stabilizing around $0.74. No exploit, hack, or official announcement has been identified as the cause of the drop.
The plunge wiped out close to $3 billion in market value, pushing M’s market capitalization below $1 billion—down to about $969 million from approximately $3.8 billion, according to CoinDesk data.
Trading volume was thin relative to the magnitude of the move, with only about $21 million exchanged over the day.
No definitive catalyst has emerged. However, the token was previously scrutinized by on‑chain analyst ZachXBT, who raised concerns months earlier about its listing on Kraken.
In an April post, ZachXBT questioned why Kraken listed M for spot trading in July 2025 and how the exchange’s due‑diligence process cleared the token. He alleged that insiders may have artificially inflated the price to a $6 billion market cap and an $18 billion fully diluted valuation.
Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence?
$7.9M in suspicious Kraken withdrawals to 18 newly created addresses with 11.7 $M sitting total (valued at $39.8M now).
Insiders have manipulated the price to $6B market cap ($18B FDV)… pic.twitter.com/pL7oroZ4lJ
— ZachXBT (@zachxbt) April 20, 2026
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