MemeCore’s $M Token Plunges More Than 70% Without Warning, Erasing Nearly $3 Billion in Market Value

MemeCore’s $M trades on only a handful of platforms, including Kraken, leaving it with limited market depth. On April 20, 2026, on-chain investigator ZachXBT questioned the due diligence behind Kraken’s July 3, 2025, spot listing and alleged insider price manipulation and concentrated token ownership. The claims have not been independently verified, but they highlight the risks posed by low-liquidity tokens.

On June 25, 2026, $M fell about 74% within 24 hours, from roughly $2.92 to as low as $0.51, before stabilizing near $0.74. Its market capitalization dropped from about $3.8 billion to $969 million, wiping out nearly $3 billion. Trading volume that day was only about $21 million, and no hack, technical vulnerability or official negative announcement was identified. MemeCore had also made no public response at the time.