Blockchain project MemeCore’s M token crashed around 74% in 24 hours, going from a high near $2.92 to a low of $0.51 before stabilizing around $0.74, with no exploit, hack, or announcement explaining the drop.
The crash erased nearly $3 billion in market value. M’s market capitalization fell below $1 billion, to about $969 million, from about $3.8 billion before the drop, according to data from CoinDesk.
Trading was thin 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 the well-known ZachXBT network researcher publicly questioned months ago.
In an April post, he questioned why the Kraken exchange had listed M for spot trading in July 2025 and how he passed the exchange’s due diligence, alleging that insiders had “manipulated the price” to 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 currencies that would exist were already circulating.
Why did Kraken list millions of dollars (Memecore) on July 3, 2025 as spot and how did it pass due diligence?
$7.9 million in suspicious withdrawals from Kraken to 18 newly created addresses totaling $11.7 million (now valued at $39.8 million).
Experts have manipulated the price to reach a market capitalization of $6 billion ($18 billion FDV)… pic.twitter.com/pL7oroZ4lJ
– ZachXBT (@zachxbt) April 20, 2026
