MemeCore has yet to respond to the community backlash following its token's sharp decline, with ZachXBT previously questioning whether the high valuation was driven by internal funding

Odaily reported that the M token, part of the MemeCore ecosystem, experienced a severe price drop, with its market capitalization evaporating by nearly $3 billion in a single day. The project has not yet made a public response to the token's plunge, sparking dissatisfaction within the community. On-chain investigator ZachXBT had previously raised concerns about the token, suggesting that the high valuation of M might have been fueled by internal capital. Spot trading of M is concentrated on a few exchanges, and its market hype is partly driven by launchpad trading volumes and social media promotion activities incentivized by reward mechanisms.

Market analysts believe that for such highly valued tokens, if the supply is concentrated among internal holders, trading channels are limited, and actual buying pressure is insufficient, it may face a rapid decline due to a lack of liquidity when sell pressure emerges. (CoinDesk)