Market cap exceeds $6 billion! Meme coin MemeCore exposed: 90% of tokens held by insiders

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Author: Fenrir, Crypto City On-chain sleuth publicly challenges $6 billion market cap project Renowned on-chain sleuth ZachXBT dropped another bombshell on the cryptocurrency community on April 20, this time setting his sights on MemeCore, a Layer1 blockchain claiming to be built for the "Meme 2.0 economy," and its native token $M. ZachXBT publicly challenged the project on the social platform X, demanding that the MemeCore team provide data to support its $6 billion market cap and explain concerns regarding insiders controlling over 90% of the token supply. The timing of this controversy is sensitive, as MemeCore has recently experienced a strong rally, with significant discrepancies in its token market cap across various tracking platforms. Data shows that CoinGecko ranks the $M token at 19th with an estimated market cap of approximately $6.16 billion, while CoinMarketCap lists it at 21st with a market cap of about $4.52 billion. ZachXBT sarcastically responded to a post shared by MemeCore about being featured in a Grayscale chart, stating bluntly that the project is now officially on his radar and has been added to his watchlist of suspected manipulated tokens. The sleuth pointed out that MemeCore’s fully diluted valuation (FDV) is extremely high while its circulating supply is abnormally low; such a low-float, high-valuation structure often signals a violent price reversal. Faced with ZachXBT’s accusations, the MemeCore team did not immediately provide data to quell the concerns, continuing only to emphasize its positioning as a next-generation meme ecosystem, which has left the market highly vigilant regarding potential artificial price inflation. Data reveals risks of extreme token concentration Regarding the issue of insider token holdings raised by ZachXBT, tracking results from the blockchain data analysis platform Bubblemaps have provided partial corroboration. Data shows that the distribution of $M tokens is extremely concentrated. - A wallet identified as a Binance deposit address is currently the largest holder, controlling approximately 41.39% of the supply. - Another specific wallet starting with 0x8b8 holds 50 million $M tokens, worth approximately $178 million, accounting for 21.77% of the total supply. Bubblemaps analyst 0xToolman pointed out that this holding pattern looks more like a quota held by the team rather than evidence of coordinated trading, and speculated that these tokens may not have truly entered secondary market circulation. While there is currently no definitive on-chain evidence to 100% confirm the claim that insiders hold over 90%, ZachXBT emphasized that this bears a striking resemblance to several recent token collapse incidents. With a total supply of approximately 5.35 billion $M tokens, supporting a multi-billion dollar market cap on an extremely thin circulating supply makes the structure highly fragile. For investors, when the vast majority of tokens are held by a few individuals or team-affiliated addresses, the market's price discovery mechanism loses its meaning, and retail investors may face sudden selling pressure at any time. ZachXBT promised to continue investigating the data in depth to uncover the true tokenomics behind MemeCore. Aftermath of $RAVE collapse triggers market alert This investigation into MemeCore is not an isolated incident, but part of an expanded scope of investigation by ZachXBT following the collapse of the $RAVE token. Just a few days ago, RaveDAO, a platform focused on Web3 music and festivals, experienced a devastating market catastrophe. Its native token $RAVE skyrocketed from 0.25 to nearly 28 in just one week, a gain of 11,000%, with its market cap briefly exceeding 6.7 billion. However, the subsequent collapse was equally shocking, with the token price plummeting over 95% within 24 hours, falling below 0.50 at its lowest, leading to the liquidation of over 40 million in futures contracts and the instant evaporation of billions in market value. Before the $RAVE collapse, ZachXBT had accused it of being a carefully orchestrated pump-and-dump scheme. He revealed that RaveDAO insiders controlled over 90% of the supply and transferred large amounts of tokens to major exchanges like Binance, Bitget, and Gate.io before the price peak. Currently, both Binance and Bitget have confirmed they are reviewing the situation to identify any potential market manipulation. ZachXBT is offering a bounty of up to 25,000 for evidence from whistleblowers. In addition to MemeCore, he also named tokens such as SIREN, MYX, COAI, PIPPIN, and RIVER, stating that these projects have all shown highly suspicious price movements recently and urged investors to remain highly vigilant. A tug-of-war between technical strength and manipulation allegations F

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