MemeCore token plunges 74% amid insider control fears

MemeCore's M token plunged 74% in 24 hours, erasing $3B in value. The crash revived concerns over insider control, manipulation, and opaque exchange listings.

MemeCore's M token experienced a severe crash, losing over 74% of its value in just 24 hours. The price fell from highs near $2.92 to lows around $0.50, eventually stabilizing close to $0.74. This rapid decline wiped out nearly $3 billion in market capitalization, dropping the token's value from about $3.8 billion to under $1 billion. No security breach, technical exploit, or official announcement explained the sudden collapse. The MemeCore team has remained silent, fueling speculation and uncertainty. The selloff reignited previous warnings from blockchain investigator ZachXBT, who had raised concerns about insider price manipulation and the concentration of token supply. Reports suggest insiders may control over 90% of the total supply. The token's swift listings on major exchanges such as Kraken, Bitget, and Binance have also come under scrutiny. Critics question the rationale behind these decisions, especially given the project's red flags. The lack of transparency, thin trading volume, and opaque ownership structure have intensified doubts about MemeCore's legitimacy and the safety of retail investors' funds.