On-chain investigator ZachXBT has publicly challenged the MemeCore project, demanding justification for its multibillion-dollar valuation and clarification on claims that insiders control over 90% of its M token supply. The scrutiny follows a sharp price rally for the token and comes in the wake of the recent collapse of the Rave DAO (RAVE) token, which ZachXBT accused of being a pump-and-dump scheme.
ZachXBT directly questioned MemeCore via a Monday post on X, asking: "Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply." MemeCore advertises itself as a layer-1 blockchain for the "Meme 2.0 economy." The request adds fresh scrutiny to the project's tokenomics and market positioning.
Valuation metrics for the M token show discrepancies across major trackers. On Monday, CoinMarketCap ranked the token at No. 21 with a market capitalization of approximately $4.33 billion, while CoinGecko placed it at No. 20 with a valuation of about $5.97 billion, highlighting inconsistencies in reported figures.
Blockchain data from visualization platform Bubblemaps reveals significant token concentration. The largest holder is a Binance Deposit address, controlling 41.3% of the total M token supply. The second-largest wallet, identified as "0x8b8," holds 50 million tokens (worth roughly $178 million), representing 21.77% of the supply. Bubblemaps analyst 0xToolman noted the pattern "looks like team holdings," suggesting these tokens may not yet be in circulation, but cautioned that the data does not necessarily point to coordinated activity.
ZachXBT has not yet published definitive on-chain evidence proving the 90% insider claim but has pledged to investigate the M token. This commitment follows his recent exposé on the RAVE token, which he accused of being manipulated after it soared from $0.25 to nearly $28 before crashing over 80%. RaveDAO has denied involvement in the price action. Both Binance and Bitget exchanges confirmed they are reviewing the RAVE situation. The token has fallen 92% over the past week.
In a related Saturday post, ZachXBT listed several other tokens exhibiting "highly questionable price action," including SIREN, MYX, COAI, M, PIPPIN, and RIVER, vowing to investigate these movements to identify responsible parties.
