M Token Crashes 75% as Exchanges Face Scrutiny Over Listing Practices

The M Token, native to the MemeCore blockchain, suffered a severe crash on Thursday, plummeting 75% in value. The token's price fell from $2.92 to an intraday low of $0.51 before stabilizing near $0.73-0.74. This collapse erased approximately $3 billion in market capitalization, reducing MemeCore's valuation from roughly $3.8 billion to below $1 billion.

On-chain data revealed that only about $21 million in M changed hands over the session, a figure that highlights the token's lack of real trading and liquidity. ZachXBT, an on-chain investigator, pointed out that the multi-billion-dollar market cap was not a sign of a liquid, fairly valued market but rather a result of concentrated insider ownership.

ZachXBT had previously raised concerns about MemeCore's supply structure and on-chain liquidity in April 2026. He alleged that insiders had concentrated the token's supply, making a multi-billion-dollar valuation structurally implausible. The concentration of tokens among a few wallets, with approximately 41.3% held by one Binance deposit address and 21.77% controlled by another wallet, made the price sensitive to the actions of these holders.