MemeCore (M) drastically tumbled by 81%, from beyond $3 to $0.40 in less than 24 hours, triggering a further sell-off among concerned investors. According to renowned Blockchain Journalist Collin Wu, the horrific price drop came after concerns over possible token control.
Real Reason Behind MemeCore’s Mess
These include uncomfortable questions about MemeCore’s roughly $6 billion market valuation and why alleged insiders allegedly held more than 90% of the MemeCore token supply. Once trading inside the TOP 20 by crypto’s global market cap, the meme coin rapidly fell to positions outside of the TOP 60.
That leaves roughly $1 billion in market capitalization after a $6.3 billion market cap, erasing roughly $2.8 billion in 24 hours, per Crypto Rover’s estimations. The massive red candle on the daily charts is accompanied by $8.72 million in liquidations on long MemeCore price positions on Derivatives & Futures.
A “Told You So Moment” For ZachXBT
The blockchain’s arguably most popular on-chain sleuth ZachXBT has sounded the alarm on the discrepancies between MemeCore’s (M) price & valuation quite a while ago. Citing data from Arkham Intelligence, ZachXBT claimed there haven’t been a lump-sum transfer of MemeCore (M) of at least $50K in weeks.
Moreover, he said “Dexscreener data indicates there’s <$100K total liquidity on-chain on BSC.” Ultimately, this gives any crypto whale the power to trigger an M price dump, even if the sell-off is a one-off. On top of that, ZachXBT called out major crypto exchanges including Kraken, Binance & Bybit for listing the tokens on Perpetuals.
Back in April, ZachXBT also publicly snapped at Kraken for listing the meme coin on their Spot offerings. He didn’t receive a response. Now, the faux valuation is finally catching up with reality and crypto aficionados on X are asking the same question as the on-chain detective: how did MemeCore (M) manage to pass through quality checks?
Delve into DailyCoin’s popular crypto scoops today:
Mastercard Tests Machine-to-Machine Payments on Ripple Rails
Trump’s Quantum Push Splits Crypto — Who’s Best Prepared?
DailyCoin’s Vibe Check: Which way are you leaning towards after reading this article?