Memecore token M plunges 76% amid manipulation claims

Memecore’s token M tumbled 76% on June 25, sliding from $2.64 to $0.50 before recovering to about $0.80. The rapid drop removed roughly $3 billion from the token’s valuation and reduced its market capitalization to about $900 million.

Market data show the sharp fall occurred early on June 25 across several centralized exchanges, with a rapid series of trades coinciding with the price decline. After the initial crash to $0.50, trades pushed the token back toward $0.80, but M remained well below its April highs.

M had risen from just above $1.50 in January to trade above $4.50 on April 24, a run that produced a market value that exceeded $6 billion at the time. That peak prompted scrutiny from on-chain observers, who previously accused unidentified insiders of pumping the token’s price. The token fell below $4 in late April, cutting more than $1 billion in value, and mostly traded under $3 until the June 25 slide.

On-chain investigator ZachXBT renewed criticism on the social platform X, attaching a chart of the token’s collapse and questioning how many retail investors lost money amid the alleged manipulation. The post also referenced an April 20 message from Memecore’s chief growth officer, Rudy Rong, that highlighted his political connections and attracted further attention to the project’s leadership.

Security researchers flagged problems with Memecore’s tokenomics before the crash. One security firm pointed to a high fully diluted valuation combined with concentrated token supply, signs of inorganic trading activity and weak on-chain depth. The firm noted there had been no Binance Smart Chain transfers above $50,000 in more than two weeks and said on-chain liquidity on BSC was under $100,000.

Social media users questioned why major exchanges listed a token where more than 90% of the supply appears controlled by insiders. Some compared Memecore’s pattern to recent token collapses that left retail holders with large losses and asked exchanges including Binance, Kraken and Bitget to provide more transparency on listings and token distribution.

Observers are awaiting any official responses from the Memecore team or the exchanges that list M. Market participants say they will watch on-chain data and exchange order books for further signs of coordinated trades, liquidity issues or other explanations for the plunge.