The M token associated with the MemeCore blockchain project has seen a significant price drop, plummeting by about 74% in just 24 hours. The price fell from nearly $2.92 to around $0.51 before stabilizing at around $0.74. This sharp decline occurred without any reports of hacking or system exploitation, and the project has not made an official announcement.
The market value of the M token has shrunk by nearly $3 billion, with its market capitalization falling from around $3.8 billion to approximately $969 million. The trading volume is also relatively thin, with only about $21 million in tokens changing hands in a day.
ZachXBT, an on-chain investigator, had previously questioned the decision of the Kraken crypto exchange to list M for spot trading in July 2025, citing concerns over price manipulation and insider activity. He accused insiders of artificially inflating the token's market capitalization to around $6 billion and full diluted valuation to $18 billion.
The investigation by ZachXBT highlighted suspicious transactions, including a withdrawal of about $7.9 million from Kraken to 18 new wallets and an address allegedly associated with the MemeCore team receiving 200 million M tokens during the launch, which were then sent to the Kraken deposit address.