Blockchain project MemeCore’s M token crashed approximately 74% in 24 hours, falling from a high near $2.92 to a low of $0.51 before stabilizing around $0.74, with no exploit, hack or announcement to explain the decline.
The fall wiped out nearly $3 billion in market value. M’s market capitalization fell below $1 billion, to around $969 million, from around $3.8 billion before the drop, according to CoinDesk data.
Trading was light relative to the size of the movement, with only about $21 million changing hands during the day.
No confirmed catalyst has emerged. But M is a token that famous onchain investigator ZachXBT publicly questioned months ago.
In an April post, he questioned why the Kraken exchange listed M for spot trading in July 2025 and how it allowed the exchange’s due diligence, alleging that insiders had “manipulated the price” to achieve a market capitalization of $6 billion and a fully diluted valuation of $18 billion. The latter is the value that the token would have if all the coins that existed were already circulating.
Why did Kraken list $M (Memecore) on July 3, 2025 for the spot and how did it pass due diligence?
$7.9 million in suspicious Kraken withdrawals to 18 newly created addresses with a total of $11.7 million (currently valued at $39.8 million).
Insiders manipulated the price to a market cap of $6 billion ($18 billion FDV)… pic.twitter.com/pL7oroZ4lJ
— ZachXBT (@zachxbt) April 20, 2026
