MemeCore’s native token, M, surged past $1.50 on Wednesday, extending a dramatic rebound just days after the project’s Foundation announced a strategic buyback program of at least $10 million. The token traded near $1.58, up more than 70% in 24 hours, pushing its market cap back toward the $2 billion mark and making it one of the day’s top performers on major exchanges.
The rally comes less than two weeks after M suffered a violent single-day crash of over 80%, which saw it fall from the $2.60–$3.40 range to a low of $0.51 on thin liquidity. The collapse, which occurred on trading volume of roughly $21 million, wiped out most of the token’s 2026 gains and sparked fears of insider manipulation. There was no hack or exploit; the Foundation attributed the drop to a cluster of market-order sells executed within a short window.
In response, the MemeCore Foundation released a public statement on June 30, pairing reassurance with action. It confirmed no issues were found with the protocol or infrastructure, insisted no treasury sales occurred, and unveiled a “US$10M+ Strategic Treasury Buyback Program.” Repurchased tokens will be held in a disclosed treasury wallet, but the Foundation declined to reveal the timing or method of the purchases, citing concerns that such details could invite front-running or speculative trading.
The buyback announcement helped shift sentiment, sparking a rapid recovery. M first reclaimed $1.00 within 24 hours, then continued higher as bearish traders were squeezed. Derivatives data from CoinGlass showed approximately $968,000 in short liquidations versus $449,000 from longs, indicating short covering amplified the rally. Meanwhile, the broader memecoin sector saw only modest single-digit gains, with Dogecoin up 4.41%, Shiba Inu 2.37%, and Pepe 7.81%, underscoring that MemeCore’s move is largely project-specific rather than part of a sector-wide resurgence.
Technical indicators paint a mixed picture. M’s price now sits above its 50, 100, and 200-period simple moving averages, signaling strong short-term momentum. However, the 4-hour Relative Strength Index (RSI) has climbed to around 71, just into overbought territory, and the Money Flow Index (MFI) has surpassed 82, pointing to aggressive buying. The 20-period EMA remains below the 50-period EMA, meaning a bullish crossover has not yet occurred, so the medium-term trend is not fully reversed.
Fundamental risks linger. Blockchain investigator ZachXBT previously alleged that insider wallets control 90–99% of MemeCore’s supply, a concern the Foundation’s statement did not directly address. The opaque nature of the buyback execution also leaves holders unable to independently verify its scale or pace. With relatively shallow order books, any renewed selling pressure from large holders could trigger another sharp downturn. The token’s ability to hold above the psychological $1.50 level will be crucial; a break below that could see a retest of the $1.20–$1.30 support zone, while a push through $2.00 would strengthen the case for a sustained recovery.
