Blockchain project MemeCore’s M token collapsed about 74% over 24 hours, sliding from a high near $2.92 to as low as $0.51 before steadying around $0.74, with no exploit, hack or announcement to account for the drop.
The fall erased close to $3 billion in market value. M’s market capitalization dropped below $1 billion, to about $969 million, from roughly $3.8 billion before the slide, per CoinDesk data.
Trading was thin relative to the size of the move, with only about $21 million changing hands over the day.
No confirmed catalyst has emerged. But M is a token that widely-known onchain investigator ZachXBT publicly questioned months ago.
In an April post, he asked why the exchange Kraken had listed M for spot trading in July 2025 and how it cleared the exchange’s due diligence, alleging that insiders had “manipulated the price” to a $6 billion market capitalization and an $18 billion fully diluted valuation. The latter is the value the token would carry if every coin that will ever exist were already circulating.
Why did Kraken list $M (Memecore) on July 3, 2025 for spot and how did it pass due diligence?
$7.9M in suspicious Kraken withdrawals to 18 newly created addresses with 11.7 $M sitting total (valued at $39.8M now).
Insiders have manipulated the price to $6B market cap ($18B FDV)… pic.twitter.com/pL7oroZ4lJ
— ZachXBT (@zachxbt) April 20, 2026