Layer 1 blockchain MemeCore’s native token, M, staged a sharp recovery on Wednesday, rising more than 50% in a single day. The jump caught the attention of the crypto market, especially after the token had gone through weeks of heavy selling and sharp price swings.
According to data from CoinMarketCap, the token climbed from an intraday low of around $0.647 to trade at about $1.09.
At the same time, the memecoin market capitalization rose over 10% in the past 24 hours to about $23.99 billion, according to data from CoinMarketCap.
Why is MemeCore going up?
The recent rally follows a catastrophic 75% drop over the past week, a plunge attributed to low liquidity and a wave of long position liquidation. While the memcoin has since staged a 52% bounce from a 24-hour low of $0.65, a move supported 37% increase in trading activity fits a classic oversold rebound pattern.
However, such sharp upward swings are merely a counter-trend rally within a larger downtrend. The overarching market structure remains firmly bearish. At its current stage, M coin is most likely highly vulnerable to immediate profit-taking, which could quickly stall the rally and trigger another leg down.
From record high to sharp market decline
The rally follows a prolonged decline in MemeCore’s price. The token reached an all-time high of $4.84 in April 2026 before falling by more than 80% from that peak during the broader market decline.
However, the project has managed to stay well above the lowest price it recorded last year, showing how quickly prices can change in the crypto market. Currently, the token’s Relative Strength Index (RSI) on the 4-hour timeframe is at 31.45, suggesting momentum has improved, and the price still has room for more surge.
The immediate path forward for Memcore hinges heavily on broader momentum within the meme coin sector. If buyers can successfully defend the $0.80 support mark, a further push toward $1.10 could be on the horizon.
However, the primary downside risk remains a failure to maintain these gains; a breakdown below the $0.65 floor could trigger an accelerated sell-off toward the next major support tier near $0.55.
Traders should closely monitor the daily trading volume: whether this spike sustains or quickly fades will reveal if genuine new capital is entering the ecosystem, or if the market has simply witnessed a temporary, short-lived short squeeze.
MemeCore team responds to price volatility
As the price climbed, the MemeCore team released an official statement to address concerns about the recent market volatility. According to the project, it reviewed the situation and found no confirmed problems with its blockchain or ecosystem.
“We are aware of the recent market volatility and the concerns raised by our community. At this time, we have not identified any confirmed issues affecting the protocol, infrastructure, or the normal operation of the ecosystem,” the team said in a post on X.
The team added that all core systems continue to operate normally and said any important updates would be shared only through its official communication channels. The project also used the opportunity to warn users about scammers trying to take advantage of the increased attention surrounding MemeCore.
According to the team, fake websites and an unofficial Solana-based project have been using the MemeCore name to mislead users. The team advised holders not to connect their wallets to unknown websites or fake airdrop and reward links, reminding users to rely only on official sources.
Seller take heavy losses during the rally
Many traders who expected the token’s price to keep falling were caught off guard. According to data from Coinglass, a little more than $675k was liquidated from the market over the past 24 hours. Of that amount, roughly $476.92K alone came from short positions, while long positions accounted for about $198.73K. A short liquidation happens when traders bet that a token’s price will fall, but instead the price rises sharply, forcing their positions to close automatically.
While the latest rally has renewed interest in the project, investors will likely continue to observe both the token’s price movement and official updates from the team in the coming days.
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