MemeCore Plummets 75% Amid Liquidity and Manipulation Claims

MemeCore collapse wipes out billions as token tumbles 75%

MemeCore (M) plunged more than 74% in a single day, trading near $0.7169 on June 25, according to crypto.news price data. The sudden crash erased billions in market value and pushed the meme token well below the ranks of large-cap cryptocurrencies. Traders and on-chain analysts scrambled to explain the rapid move as questions about liquidity, supply concentration and exchange listings resurfaced.

Key price and market metrics

The sell-off trimmed MemeCore’s market capitalization to roughly $940.9 million and dropped its fully diluted valuation (FDV) to about $3.85 billion. Across the 24-hour window, M traded between $0.5055 and $2.92, with 24-hour volume at approximately $22.3 million. Over seven days the token lost more than 75%, and its month-to-month decline exceeded 76%.

There was no confirmed exploit, hack, or official statement to account for the sudden decline. M had surged to an all-time high of $4.82 on April 24 before this drawdown, and the crash wiped out close to $3 billion in market value within hours as sellers overwhelmed thin liquidity.

ZachXBT revives manipulation concerns

On-chain investigator ZachXBT reignited scrutiny of MemeCore following the crash. He highlighted that M’s FDV dropped from roughly $14 billion to $3.8 billion after abrupt sell pressure on centralized exchanges. ZachXBT and other investigators had previously flagged what they described as red flags around concentrated token ownership and questionable user-growth tactics promoted by the project.

ZachXBT cited Arkham data showing no single transfer above $50,000 on Binance Smart Chain (BSC) in over two weeks and pointed to Dexscreener data indicating under $100,000 of on-chain liquidity on BSC. He questioned why major venues such as Binance and Bybit listed perpetual futures for M and why Kraken and Bitget offered spot markets, suggesting that inadequate due diligence on exchange listings can amplify losses for retail investors.

The investigator publicly challenged representatives tied to the project, asking how many retail users bore losses the team’s actions may have caused. At the time of reporting, MemeCore had not published a comprehensive public response explaining the price collapse or addressing the supply and liquidity concerns.

Earlier supply warnings

This isn’t the first time supply concentration was highlighted. In April, on-chain data discussed publicly showed a Binance deposit address holding roughly 41.3% of M’s supply and another wallet holding 50 million M tokens (around 21.77% of supply at the time). Those figures raised alarms about potential insider control and the risk of large unlocks or transfers that could create downward pressure.

Analysts previously compared MemeCore’s FDV to its circulating market cap and warned of a material overhang: a large portion of the token supply was not yet active in the market, creating dilution risk. When a token’s headline FDV far exceeds what’s actually tradable, a shift in sentiment or a liquidity event can trigger steep price declines.

On-chain liquidity and exchange risk

A core concern during the crash was the mismatch between headline market-cap figures and actual on-chain liquidity. With thin liquidity pools on BSC and large shares of supply parked in a few addresses, a relatively small volume of sell orders—especially on centralized venues—can cascade into a sharp price rout.

Exchanges listing tokens carry responsibility for vetting market structure, token distribution, and potential conflicts that could harm retail users. Perpetual futures listings can further magnify volatility when the underlying spot is fragile. Critics argue that venues should demand clearer disclosures about tokenomics, lockups, and known team holdings before opening markets.

Why concentrated supply amplifies crashes

When a minority of wallets control a large portion of supply, this concentration increases price fragility. If these holders move tokens to exchanges or OTC channels, the market may not absorb the flow, producing outsized price moves. Low on-chain liquidity and limited depth on DEXs or CEX order books makes it easier for market makers or insiders to execute large sales that materially shift the price.

Technical chart points to sustained bearish momentum

The M/USDT daily chart showed a definitive breakdown. Price plunged from roughly $2.84 to $0.692 during the sharp move—about a 75.63% drop. The intraday low near $0.524 signaled that buyers did not defend prior ranges, and the breakout below the $2.80–$3.20 zone marked a change from range-bound behavior to an aggressive downtrend.

Volume spiked during the collapse, with on-chain and exchange activity signaling that the move was backed by significant trading flow rather than thin tick-based slippage alone. That said, higher volume during a sell-off often reflects panic exits rather than sustainable liquidity.

MemeCore (M) price chart

Momentum indicators remain bearish

Momentum indicators reinforced a bearish outlook. The Relative Strength Index (RSI) fell deep into oversold territory—around the high teens—suggesting extreme selling pressure but not guaranteeing an immediate recovery. The Moving Average Convergence Divergence (MACD) showed a negative MACD line beneath the signal line with a negative histogram, pointing to continued downward momentum.

Short relief rallies can occur when a token becomes technically oversold, but until M reclaims meaningful support—especially above the broken $2.80 level—trend risk stays tilted to the downside. Traders should view any bounce cautiously and confirm strength with sustained volume and improved on-chain liquidity.

What traders and exchanges should watch next

For traders:

• Monitor on-chain liquidity and top-holder movements closely. Wallets transferring sizable M balances to exchanges are a key risk signal.
• Watch CEX order-book depth for slippage risk on large market orders.
• Consider the dilution timeline and token unlock schedules; future supply can create persistent downside pressure.

For exchanges and regulators:

• Review listing due diligence processes, specifically supply distribution, team allocations, and evidence of wash trading or coordinated transfers.
• Increase transparency around why a token passed listing checks and whether independent audits of tokenomics were completed.

Broader implications for the crypto market

The MemeCore collapse underlines recurring themes across crypto markets: the dangers of high FDV tokens with concentrated supply, the amplification effects of thin liquidity, and the reputational risk to exchanges that list assets without robust vetting. For retail investors, the episode is a reminder to prioritize liquidity, on-chain scrutiny and conservative position sizing when engaging with meme coins and newly listed tokens.

As MemeCore continues to trade, the market will be watching whether the project issues meaningful disclosures, whether large holders move more tokens, and whether exchanges revise their listing policies in response. Until evidence of stronger liquidity and a fairer distribution of supply emerges, M’s technical and fundamental picture will likely remain fragile.

Final takeaways

MemeCore’s sudden 75% crash erased significant market value and highlighted structural weaknesses that investors should weigh: concentrated supply, thin on-chain liquidity, and the potential for listings to misrepresent tradable depth. For traders, the event stresses the importance of on-chain due diligence, careful risk management and skepticism toward headline FDV figures that mask true market liquidity.