Key TakeawaysThe M token from MemeCore experienced a devastating 74% decline within 24 hours, plunging from $2.92 to a low of $0.51Approximately $3 billion in market capitalization evaporated, reducing the total market cap to roughly $969 millionNo security breach, technical exploit, or formal statement from the team has accounted for the sudden collapseBlockchain detective ZachXBT issued warnings in April regarding suspected insider price manipulation of the M tokenThe MemeCore team remained silent without any public statement as of Thursday morningThe MemeCore M token experienced a catastrophic decline of approximately 74% within a 24-hour window, tumbling from a peak around $2.92 down to a bottom of $0.51 before stabilizing near $0.74, based on CoinDesk market data.MemeCore (M) PriceThe dramatic selloff eliminated nearly $3 billion in total market capitalization. The token’s valuation plummeted from approximately $3.8 billion down to around $969 million within just a few hours.Despite the massive price movement, trading activity remained surprisingly muted. Only roughly $21 million in volume was recorded throughout the 24-hour timeframe — an unusually low figure for such a significant price swing.MemeCore Plunges Over 75% Amid Questions Over Insiders Holding More Than 90% of SupplyOKX market data showed MemeCore (M) trading at USD 0.67436, down more than 75% over 24 hours. The drop came after concerns over possible token control, including questions about MemeCore’s… pic.twitter.com/AOKpZEq2wk— Wu Blockchain (@WuBlockchain) June 25, 2026No definitive explanation for the sudden collapse has surfaced. There were no reports of technical compromises, smart contract exploits, or official communications from MemeCore’s development team.Attempts to contact MemeCore for comment went unanswered. By Thursday morning across Asian time zones, the project had issued no public statements addressing the price crash.Blockchain Detective’s Previous AlertThe dramatic price collapse has renewed focus on red flags raised several months prior. Back in April, prominent blockchain investigator ZachXBT openly questioned Kraken’s decision to list M for spot trading in July 2025, expressing doubts about whether proper due diligence procedures were followed.Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence?$7.9M in suspicious Kraken withdrawals to 18 newly created addresses with 11.7 $M sitting total (valued at $39.8M now).Insiders have manipulated the price to $6B market cap ($18B FDV)… pic.twitter.com/pL7oroZ4lJ— ZachXBT (@zachxbt) April 20, 2026ZachXBT claimed that project insiders had “manipulated the price” to achieve an inflated $6 billion market capitalization and an extraordinary $18 billion fully diluted valuation. He highlighted approximately $7.9 million in questionable withdrawals from Kraken flowing into 18 freshly created wallet addresses.Additionally, he asserted that a wallet address he traced back to the MemeCore team had received 200 million M tokens during the initial launch phase, with millions of those tokens subsequently transferred to Kraken deposit wallets. These allegations remain unverified through independent investigation.ZachXBT observed that Kraken was among just a few platforms offering M spot trading. He further pointed out that the project’s primary marketing strategy centered on incentivized social media campaigns compensating users for promotional posts — a tactic commonly referred to as InfoFi.Insufficient Liquidity Amplifies Price DeclineThe convergence of concentrated token distribution, restricted exchange availability, and compensated promotional tactics established an environment where selling pressure could trigger dramatic price movements.When the selling wave commenced, genuine market liquidity proved insufficient to stabilize the decline, explaining both the velocity and severity of the drop.As of Thursday morning, M’s market capitalization stood at approximately $969 million, representing a steep fall from the roughly $3.8 billion valuation before the slide initiated.The post MemeCore (M) Token Plummets 74% in Single Day After ZachXBT’s Manipulation Warning Resurfaces appeared first on Blockonomi.