MemeCore (M) fluctuates 36.9% in 24 hours: ZachXBT investigation into internal control suspicions leads to volatility

Volatility Overview

In the past 24 hours, MemeCore (M) price rebounded from a low of $3.212212 to a high of $4.396779. The current quoted price is $4.22115, with a price swing of up to 36.9%. The 24-hour trading volume is approximately $23.12 million, a significant increase over the previous day.

Brief Analysis of Causes for Abnormal Movements

- In the past 18 hours, ZachXBT published an investigation pointing out that $M token supply is highly concentrated, with insiders controlling about 99.6%, and found similar patterns to previous insider-driven crashes, including suspicious withdrawals to new addresses (worth $7.9 million, corresponding to 11.7 million $M).

- On-chain data shows the team wallet deposited 5.3 million $M to Kraken, possibly exaggerating the circulating supply (platform shows 1.29 billion vs. actual unlocked 230 million), triggering leveraged speculation and sell-offs.

Market Views and Outlook

The mainstream market sentiment has turned cautious. Discussions on the X community are focusing on how low circulating supply can easily cause sharp price spikes and drops. ZachXBT warned that “this is just the beginning.” Analysts have noted the high valuation (close to $6 billion) and concentration risks, which could lead to further squeezes. In the short term, attention should be paid to the risk of long position liquidations.