While Bitcoin and the broader crypto market continues to gain momentum, MemeCore’s $M token surged more than 28% in the past 24 hours, climbing from an intraday low near $2.62 to trade around $3.72 early Tuesday.
The rebound pushed its market capitalization back above $4.4 billion, placing it around the #22 spot among leading cryptocurrencies. Market data shows that the token’s trading volume jumped to $50 million across platforms like Bitget, Gate.io, HTX, and Kraken.
The surge in $M comes just weeks after prominent onchain investigator and scam observer ZachXBT exposes token’s questionable supply distribution.
Coinglass data shows that the open interest (OI) remains decent and not showing accompanying spikes to its latest price push—which translates that surge in token’s price is purely spot driven.
Warnings vs. market momentum
On April 20, on-chain investigator ZachXBT published a pointed critique that appeared poised to weigh heavily on the project. He highlighted what he described as extreme insider control, claiming early wallets and team-linked addresses still hold over 90% of the 10 billion maximum supply against a circulating float of roughly 1.3 billion tokens.
ZachXBT directly challenged the team: “Provide a single data point to support your $6B market cap as a top-20 token,” noting the fully diluted valuation had approached $18 billion at the time. He questioned the substance behind Memecore’s “Meme 2.0” pitch, calling out launchpad volume and incentivized users as thin justification for the lofty price.
He also drew attention to activity surrounding the token’s Kraken listing in July 2025. Roughly $7.9 million worth of $M was withdrawn from the exchange to 18 newly created addresses on listing day.
A wallet believed to be tied to the team, which received 200 million tokens at genesis, deposited an additional 5.3 million tokens directly onto Kraken that same day. ZachXBT linked the patterns to other projects he had previously flagged and warned that retail investors could ultimately be left exposed.
$M rises again
Despite the scrutiny, the market has shrugged off the concerns so far. $M hit an all-time high near $4.84 shortly after the thread and, after a pullback, has now staged another sharp recovery. The token is currently down nearly 30% from its peak.
MemeCore project positions itself as a Layer-1 blockchain using Proof of Meme consensus to foster community-driven tokens and culture. Backers emphasize growing ecosystem activity and argue the concentrated supply reflects a committed core rather than a risk.
At current levels, the fully diluted valuation exceeds $34 billion. That remains an ambitious multiple for a chain whose primary narrative revolves around memes and viral potential. Whether this latest pump signals genuine momentum, short covering, or another chapter in the broader meme-coin cycle is unclear.
What is evident is that ZachXBT’s detailed red flags have not yet cooled trader enthusiasm. The token’s resilience leaves observers wondering how long hype and low-float dynamics can outweigh calls for greater transparency.
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