Blockchain venture MemeCore’s M token collapsed about 74% over 24 hours, sliding from a excessive close to $2.92 to as little as $0.51 earlier than steadying round $0.74, with no exploit, hack or announcement to account for the drop.
The autumn erased near $3 billion in market worth. M’s market capitalization dropped beneath $1 billion, to about $969 million, from roughly $3.8 billion earlier than the slide, per CoinDesk knowledge.
Buying and selling was skinny relative to the scale of the transfer, with solely about $21 million altering arms over the day.
No confirmed catalyst has emerged. However M is a token that widely-known onchain investigator ZachXBT publicly questioned months in the past.
In an April submit, he requested why the trade Kraken had listed M for spot buying and selling in July 2025 and the way it cleared the trade’s due diligence, alleging that insiders had “manipulated the value” to a $6 billion market capitalization and an $18 billion totally diluted valuation. The latter is the worth the token would carry if each coin that can ever exist have been already circulating.
Why did Kraken listing $M (Memecore) on July 3, 2025 for spot and the way did it move due diligence?
$7.9M in suspicious Kraken withdrawals to 18 newly created addresses with 11.7 $M sitting complete (valued at $39.8M now).
Insiders have manipulated the value to $6B market cap ($18B FDV)… pic.twitter.com/pL7oroZ4lJ
— ZachXBT (@zachxbt) April 20, 2026