- Memecore (M) plummeted 15.9% to a $3.43 low on Tuesday, erasing nearly $1 billion in market capitalization.
- ZachXBT’s scrutiny of M and Kraken’s listing sparked fears of a RaveDAO-style collapse.
- Investors now watch if M will recover or become the next major dump after its 7,200% surge since July 4, 2025.
After riding high for weeks, the memecoin Memecore (M) finally tanked Tuesday, dropping to an intraday low of $3.43. While it later rebounded to $3.52, the coin was still down 15.9% in 24 hours. This marked the first time it had traded below $4 in more than seven days. The tumble saw M drop out of the top 20 digital assets by market capitalization tracked by Coingecko after its value fell from $5.4 billion to $4.57 billion.
The crash was a swift reversal of fortune, occurring just four days after the token peaked at a record $4.82. That rally had effectively doubled the asset’s value in April alone, triggering a red flag for prominent online sleuth ZachXBT. Fresh off exposing the opaque ownership structures within RaveDAO (RAVE), ZachXBT turned his lens toward the suspicious price action of M alongside SIREN, PIPPIN, and RIVER.
In a post on X on April 20, ZachXBT also questioned Kraken’s decision to list the token and demanded to know how it had passed due diligence. Similar questioning by ZachXBT previously prompted exchanges such as Gate, Binance and Bitget to launch investigations that ultimately led to RAVE’s spectacular collapse.
The sleuth also accused unknown insiders of manipulating M’s price until it reached a market cap of $6 billion. ZachXBT suggested such a valuation was not backed by anything substantial except for the trade volumes generated on a launchpad. At the time, some Memecore supporters pushed back against this narrative, labeling it FUD (fear, uncertainty and doubt).
“In recent posts, the only achievement the team has shared is $66 million total volume on a launchpad and thousands of ‘users’ from its incentivized InfoFi campaigns,” ZachXBT wrote.
While M’s monthly gains are markedly lower than those of RAVE, which exceeded 10,000% at one point, the token is up 7,200% since July 4, 2025. Meanwhile, some social media users are speculating whether M will become the latest token to “dump” just days after hitting a new all-time high.
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