Memecore’s native token, M, a memecoin project that has attracted attention in the cryptocurrency market, surprised investors with a sharp drop exceeding 80% in the last 24 hours. The token price fell from around $3 to below $0.5 without any security breach, attack, or negative announcement directly impacting the market.
While market observers have yet to pinpoint the exact cause of the decline, some analysts point to possible links to insider manipulation allegations. On-chain data analyst ZachXBT previously warned of the possibility of insider trading and price manipulation during the rapid rise in the Memecore token in April.
According to the data, the M token fell from $2.92 to $0.51 in spot markets, while its price briefly reached $0.40 on Binance’s perpetual futures market. This sharp sell-off wiped out approximately $3 billion from the token’s market capitalization.
Despite this, Memecore’s fully diluted market capitalization (FDV) is still around $7 billion. According to CoinMarketCap data, at the time of writing, the M token is trading at $0.7046 and has lost 75.23% of its value in the last 24 hours.
Experts say that on-chain movements and large wallet transactions are being closely monitored to clarify the reasons behind the incident, while warning investors to pay attention to risk management in highly volatile assets.
*This is not investment advice.