MemeCore Price News: Heading to Zero? ZachXBT Slams Project for Insider Manipulation

MemeCore (M) has gone down by more than 70% over the past 24 hours alone as the crypto investigator ZachXBT once again slammed the project with insider trading allegations.

Over $2.4 billion in market cap has evaporated in just a few hours as a result of these claims. For months, ZachXBT has been sharing data about heavy insider concentration and ongoing price manipulation for MemeCore.

He questioned exchanges like Binance and Kraken for their decision to list the $M token for spot trading despite the many red flags.

ZachXBT highlighted the token’s thin on-chain liquidity as the first warning sign. Looking at CoinMarketCap’s data, only $37 million worth of MemeCore has exchanged hands today, meaning 3.5% of the token’s circulating market cap.

For an asset that, at some point, had a market cap of $3 billion, these are pretty low volumes to cause such a strong drop.

The reason for this, according to data provided by another investigator known as MLM on X, is that over 99.6% of the token’s circulating supply is in the hands of insiders or exchanges.

Thin Volumes Confirm Heavy Insider Concentration

In addition to heavy insider concentration, ZachXBT also claimed today that there has not been a signal transfer worth over $50,000 in the last 2 weeks, while data from DEX Screener shows less than $100,000 in total liquidity for the token within the Binance Smart Chain.

The investigator recently slammed one of the project’s leaders, Rudy Rong, as a deceptive character who blatantly manipulated the price of the token through wash trading and other similar techniques.

Rong’s last X post was in May this year. The project’s Chief Growth Officer has not commented on the token’s significant drop today.

According to MLM’s posts, Binance controls 49% of the token’s supply while insider wallets and genesis wallets reportedly control another 48%. This leaves the general public, the community, and unwary investors with only a tiny fraction, which justifies these small volumes.

What is MemeCore and is M Going to Zero?

MemeCore was promoted as a purpose-built blockchain for memecoin trading that would compete directly with Solana. Think of it as Hyperliquid, but for memecoins.

Despite being promoted as a next-gen solution for this segment, real users were difficult to find, while activity within the blockchain and successful token launches were also nonexistent.

Looking at the daily chart, the price is temporarily finding support at $0.70 after dropping below a key support area at $1.30.

We expect that this downtrend will continue. The odds that MemeCore could plunge to zero are quite high, especially if the project’s founders, core team, or insiders decide to dump their stash after the latest decline.

If volumes spike, that would confirm that insiders are on the move. A break below $0.70 could spark that, especially if further evidence about price manipulation is uncovered as a result of today’s big drop.

Binance still has a lot to explain about why this token was listed on its platform. Once again, due diligence when it comes to listing new projects shows a lack of consistency and transparency.