On June 25, MemeCore’s token M plunged more than 70%, wiping out billions in market cap. We break down what happened to the altcoin.
Over the past 24 hours, M collapsed from $2.66 to an intraday low of $0.50. By the time of publication, the altcoin had recovered to $0.88. The daily loss stands at nearly 72%.
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The asset’s market cap shrank from $3.5B to roughly $1B. Fully diluted valuation fell to $3.7B. The crash came without any clear catalyst–no hacks, major announcements, or other triggers. The MemeCore team has not commented.
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ZachXBT Had Already Warned About MemeCore Risks
In April 2026, on-chain sleuth ZachXBT publicly questioned MemeCore’s listing on Kraken. He flagged suspicious withdrawals of $7.9M from Kraken to 18 new crypto wallets and pointed out that an address linked to the MemeCore team received 200 million M at token generation and sent millions to exchange deposit addresses.
ZachXBT accused the team of “pumping” the price to a $6B market cap and $18B FDV, artificially inflating user activity, and manipulating the token.
He also noted extremely low on-chain liquidity: on BNB Smart Chain, there were no transfers above $50K for more than two weeks, with total liquidity under $100K. The token trades on a limited number of platforms, and demand was driven by paid promotional campaigns–making it highly vulnerable to sell-offs.
Read more: The Darkest Days in Crypto History — 5 Market Crashes That Changed the Industry Forever
M’s Crash Amid Other Collapses: MIM Loses Peg, Audiera Drops 32%
M’s collapse came on the same day as other assets cratered. The Magic Internet Money stablecoin lost its dollar peg, dropping to $0.50. The Abracadabra team then emergency raised lending rates to incentivize MIM debt repayment and restore the peg. Audiera, which had surged 40% the previous day, lost 32% of its value.
Social media users drew parallels to recent VELVET▲$0.4816, SIREN, and SAHARA crashes–all following the same pattern: insider selling, artificial hype, FOMO, and a mass dump. One community member said:
“People are still falling for this scheme.”
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