MemeCore token loses 75% value, market cap drops below $1B

The cryptocurrency known as MemeCore (M) lost approximately three-quarters of its value on Thursday, June 25, in a sudden and severe market crash that erased billions in market capitalization. The token plummeted from a price near $3 to an intraday low around $0.50 before stabilizing near $0.70. The selloff reduced the token's market capitalization from roughly $3.5 billion to below $1 billion, pushing it out of the top tier of large-cap cryptocurrencies.

No clear catalyst, such as a hack, exploit, or official project announcement, has been identified to explain the abrupt decline. The wider crypto market saw only a modest decline over the same period, highlighting the outsized nature of M's collapse.

The crash has revived scrutiny of long-standing concerns raised by on-chain investigator ZachXBT and others regarding the token's structure. In April, ZachXBT publicly questioned how M achieved a multi-billion dollar valuation while a large share of its supply appeared concentrated among a small number of holders. He cited blockchain data indicating a single Binance deposit address held over 40% of the token supply, with another wallet controlling over 20% of circulating tokens.