Overview
- The token M plunged roughly 74–76% in about 24 hours on Thursday, cutting market value by roughly $2.5–3 billion and pushing market capitalization below $1 billion.
- Trading volume was tiny compared with the headline valuation, with roughly $21–29 million in 24‑hour volume while on‑chain liquidity on native chains measured in the low hundreds of thousands.
- On‑chain investigator ZachXBT’s April warnings about concentrated insider holdings and suspicious withdrawals resurfaced and are now central to questions about what drove the selloff.
- Derivatives desks saw heavy long liquidations of roughly $8 million and open interest collapse by about 76%, showing that leverage amplified the downward move.
- MemeCore’s team had not offered a public explanation as of reporting, leaving exchanges and retail holders exposed and raising the prospect of further exchange scrutiny and regulatory attention.