Onchain investigator ZachXBT publicly challenged MemeCore to justify the valuation and distribution of its M token, asking the project to produce evidence supporting a multibillion-dollar market cap and alleging that insiders control a large portion of supply. He asked for a single data point backing a reported $6 billion market capitalization and questioned claims that insiders hold more than 90% of M token supply.
The scrutiny came after a recent sharp rally in the token, with major price trackers showing different live valuations. CoinMarketCap ranked the token around No. 21 with roughly $4.33 billion in market value, while CoinGecko placed it at about No. 20 near $5.97 billion. These discrepancies underscored the need for clearer disclosure about circulating supply and valuation methodology.
Onchain visualizations also showed concentrated holdings. BubbleMaps highlighted a wallet labeled 0x8b8 holding 50 million M tokens, valued at roughly $178 million, and identified a Binance deposit address as the largest visible holder. A Bubblemaps analyst, 0xToolman, told Cointelegraph that the pattern resembled team allocations rather than obvious coordinated trading, and noted some tokens may not yet be in circulation. Cointelegraph reached out to MemeCore for comment about supply distribution and tokenomics.
ZachXBT has not published definitive blockchain proof that insiders control more than 90% of the supply, but he said he would investigate further. His challenge to MemeCore follows his recent scrutiny of other tokens after a high-profile collapse in the Rave DAO (RAVE) market.
Earlier, ZachXBT accused RaveDAO of a pump-and-dump after RAVE surged from about $0.25 to nearly $28 in a matter of days and then plunged more than 80%. RaveDAO denied involvement in the price swing, and exchanges including Binance and Bitget said they were reviewing trading activity. Over the prior week the RAVE token experienced a roughly 92% decline from its peak and traded near $0.69 at one point, according to market data.
ZachXBT has also flagged several other projects for unusual price action and possible manipulation, listing tokens such as SIREN, MYX, COAI, M, PIPPIN, and RIVER as targets for further investigation. His recent work has drawn industry attention to concentrated holdings, suspicious exchange flows, and the risks posed by opaque token distributions.
The situation with MemeCore highlights broader questions about transparency in token launches: how market cap is calculated, which tokens are truly circulating, and how much control insiders retain. Observers and platforms continue to monitor onchain data and exchange flows while awaiting more detailed disclosures from project teams.