MemeCore’s M Token Plunges 80% in Sudden Collapse With No Obvious Catalyst

The token plunged from nearly $3 to around $0.50 within hours, erasing close to $3 billion in market value, with no hack, protocol exploit, or official announcement to explain the sudden collapse. Onchain investigator ZachXBT had previously suggested in April that M’s price was artificially supported by insiders.

MemeCore’s M token dropped roughly 74% over a 24-hour period, falling from about $2.92 to a low near $0.51 before stabilizing around $0.74, with no confirmed trigger behind the move.

The crash wiped out nearly $3 billion in market capitalization, pushing M’s valuation below $1 billion to roughly $969 million, down from about $3.8 billion before the decline, according to CoinDesk data.

Despite the scale of the move, trading volumes were relatively low, with only about $21 million changing hands during the session.

No definitive catalyst has been identified, though the token has previously been scrutinized by onchain analyst ZachXBT.

In an April post, he questioned Kraken’s decision to list M for spot trading in July 2025 and raised concerns about its due diligence, alleging insider activity may have helped push the token’s valuation toward a $6 billion market cap and an $18 billion fully diluted valuation.

ZachXBT highlighted roughly $7.9 million in allegedly suspicious withdrawals from Kraken to 18 newly created wallets, and claimed an address linked to the MemeCore team received 200 million M at launch before transferring large amounts to exchange deposit wallets.

He also noted that Kraken was among the few exchanges supporting M spot trading, while describing the project’s growth as heavily reliant on token launchpad activity and incentivized social-media campaigns that reward engagement. (These claims have not been independently verified.)

MemeCore did not immediately respond to requests for comment and had not publicly addressed the price drop as of Thursday morning in Asia.

Regardless of the trigger, the sharp move underscores how fragile tokens with concentrated supply, limited liquidity, and promotion-driven demand can be, as prices can collapse rapidly once selling pressure begins.