TechFlow News, June 25: According to CoinDesk, the MemeCore ecosystem token “M” experienced a sharp decline, with its market capitalization dropping nearly $3 billion in a single day. As of now, the project has not issued any public statement addressing the token’s plunge, sparking dissatisfaction within the community. “On-chain detective” ZachXBT had previously raised concerns about the project, questioning whether M’s high valuation was artificially inflated by insider funds and expressing skepticism about how the token passed Kraken’s spot trading listing review.
ZachXBT also noted that M’s spot trading is concentrated on only a few exchanges, and part of its market热度 stems from trading volume on the token launch platform and social media promotional campaigns driven by incentive mechanisms. Market analysts suggest that tokens with such high valuations—especially when supply is heavily concentrated among insiders, trading venues are limited, and genuine buying demand is weak—may face rapid price drops due to liquidity shortages when selling pressure emerges.
