Overview
- The token plunged roughly 74–76% over about 24 hours on June 24–25, erasing close to $3 billion and pushing market capitalization below $1 billion.
- Trading volume during the crash was thin at roughly $21–$29 million, a small amount relative to the scale of the valuation loss and the size of reported insider positions.
- On-chain data vendors and investigators reported extreme supply concentration and near-zero on-chain liquidity, a mismatch critics call a “ghost market cap” where a tiny tradable float set a multibillion-dollar price.
- Derivatives markets amplified the move as long positions were forcefully liquidated and open interest collapsed, with reported long liquidations far outpacing short losses.
- The MemeCore team has not publicly explained the collapse, which has renewed questions about exchange listing checks, potential insider selling, retail losses, and possible regulatory or forensic follow-up.