MemeCore's token, M, plummeted more than 75% in 24 hours on OKX, trading near $0.67436 after a sharp sell-off.
The decline followed concerns about MemeCore's reported $6 billion valuation and low trading activity of around $66 million in volume.
Market participants questioned whether the token's valuation matched real market demand, pointing to a significant gap between valuation and actual trading activity.
ZachXBT, a crypto investigator, commented on the project's supply structure and market behavior, adding attention to concerns already shared by traders about insider control and weak public float.