Overview
- M plunged roughly 74–75% in about 24 hours, falling from near $2.90 to lows around $0.50 and cutting market value by roughly $3 billion to a market cap below $1 billion.
- There is no confirmed hack or exploit and MemeCore had not issued a clear public explanation for the sell-off at the time of reporting.
- Trading volume was thin, about $21–$22 million over 24 hours, which shows limited real liquidity beneath headline prices and helps explain how large trades pushed the price sharply lower.
- On-chain investigator ZachXBT’s earlier claims about heavy insider holdings and suspicious Kraken withdrawals resurfaced, including allegations of about $7.9 million moved from Kraken to newly created addresses though those allegations remain unverified in public reporting.
- The episode highlights structural risks for retail holders: a large fully diluted valuation and concentrated supply that can create future sell-pressure, and listings of spot and perpetual markets on exchanges that may amplify crashes when spot liquidity is shallow.