Memecore Crashes 76% as $3B Vanishes and ZachXBT Revives Manipulation Claims

Crypto token Memecore (M) plunged 76% in a single day, dropping from $2.64 to $0.50 before a minor rebound to $0.80. The crash erased nearly $3 billion in market capitalization, reducing it to $900 million. The sharp decline occurred amid renewed pump-and-dump allegations from on-chain sleuth ZachXBT, who previously accused unknown insiders of manipulating M’s price.

At its peak on April 24, M traded above $4.50, giving it a market cap exceeding $6 billion. ZachXBT had warned at the time about potential manipulation. After a partial recovery following that peak, the token held near $3 until June 24, when it collapsed further.

Reacting to the latest crash, ZachXBT criticized Memecore CGO Rudy Rong for a post boasting about ties to U.S. political elites, suggesting the team was responsible for retail losses. Security platform Web3 Antivirus noted that the token’s fully diluted valuation (FDV) fell from about $14 billion to under $4 billion, highlighting concerns about concentrated supply and weak on-chain liquidity. They pointed out that no BSC transfer above $50,000 occurred in over two weeks and total on-chain liquidity on BSC was less than $100,000.

The incident has reignited criticism of centralized exchanges. Some social media users questioned why Kraken, Binance, and Bitget listed a token where over 90% of supply was reportedly controlled by insiders. They argued that by placing a “verified listing” stamp on projects like Memecore and Rave (which previously crashed 95%), exchanges are complicit in harming retail investors. The debate underscores ongoing concerns about token listing standards and the risks of high FDV tokens with low liquidity.

Source: https://news.bitcoin.com/memecore-crashes-76-as-3b-vanishes-and-zachxbt-revives-manipulation-claims/