Memecore M Token Listing Raises Concerns Over Insider Concentration and Exchange Practices

Cryptocurrency exchanges have faced increasing scrutiny over their listing practices, with one recent case involving Memecore's M token. On-chain investigator JackXBT has raised concerns about the concentration of insider holdings and the exchange's listing review process.

The dispute began after Kraken listed the M token, which saw its market capitalization reach $6 billion at one point. However, JackXBT questioned the basis for this valuation, citing a lack of supporting data and an explanation for why insiders hold more than 90% of the supply.

On-chain analysis has raised suspicions that the share under insider control could be as high as 99%. The investigation has also highlighted discrepancies between market capitalization and actual circulating supply, with some exchanges acknowledging the need for further review.