Memecore Plunges 76% Amid Fresh Pump-and-Dump Allegations

The crypto token Memecore (M) has crashed by 76% in a single day, dropping from $2.64 to $0.50 before rebounding slightly to $0.80. This crash wiped out nearly $3 billion in value, reducing its market cap to $900 million.

This latest downturn is attributed to severe insider pump-and-dump allegations that have been made against the project. ZachXBT had previously flagged concerns about M's price manipulation, and it seems his warnings have come true.

Web3 Antivirus has weighed in on the situation, warning investors about high fully diluted valuations (FDV) with low liquidity. They argue that a large FDV does not equal a healthy market, and that projects like M are more likely to crash than succeed.