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