The token collapsed from nearly $3 to about $0.50 within hours, wiping out roughly $3 billion in market value, with no hack, exploit, or official announcement to explain the move. Onchain investigator ZachXBT had previously alleged in April that M’s price may have been supported by insider activity.

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

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

Even with the size of the move, trading volumes remained relatively low, at just around $21 million for the day.

No clear trigger has been identified, although the token had previously been flagged 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 involvement may have helped drive the token’s valuation to around $6 billion, with an $18 billion fully diluted valuation.

ZachXBT cited approximately $7.9 million in suspicious withdrawals from Kraken to 18 newly created wallets, and claimed a wallet associated with the MemeCore team received 200 million M at launch before transferring large amounts to exchange deposit addresses.

He also noted that Kraken was among a small number of exchanges supporting M spot trading, and said the project’s growth appeared heavily reliant on launchpad activity and incentivized social-media campaigns. (These claims have not been independently verified.)

MemeCore did not immediately respond to requests for comment and had not issued any public statement on the price drop as of Thursday morning in Asia.

The episode highlights how quickly tokens with concentrated supply, thin liquidity, and promotion-driven demand can unravel once selling pressure begins.