MemeCore’s M Token Sinks as Market Value Slides by Nearly $3B

MemeCore’s M token suffered a sudden collapse, falling about 74% in 24 hours from a high near $2.92 to as low as $0.51, according to CoinDesk. The token later steadied around $0.74, while its market capitalization dropped from roughly $3.8 billion to about $969 million, erasing close to $3 billion in value.

The move matters because the scale of the decline was large relative to reported trading activity. CoinDesk said only about $21 million changed hands over the day, suggesting thin liquidity around a token that had carried a multibillion-dollar valuation before the drop.

No confirmed catalyst has been identified. CoinDesk reported that there was no known exploit, hack or project announcement explaining the sudden decline, and MemeCore had not immediately responded to a request for comment or publicly addressed the slide as of Asian morning hours on Thursday.

The selloff also revived earlier scrutiny of M’s market structure. In April, on-chain investigator ZachXBT questioned Kraken’s listing of the token and alleged that insiders had manipulated its price, while pointing to suspicious withdrawals and concentrated token flows. CoinDesk noted that those claims have not been independently verified.

CoinDesk also reported that ZachXBT had highlighted M’s limited trading venues and promotional activity tied to incentivized social-media campaigns. In that context, the token’s sharp reversal underscores the risk of fragile liquidity when a large valuation depends on a narrow set of markets and uncertain demand.