MemeCore has yet to respond to the token crash, sparking community discontent; ZachXBT previously questioned whether the high valuation was driven by internal funds

The M token of the MemeCore ecosystem experienced a sharp decline, with its market capitalization evaporating by nearly $3 billion in a single day. The project has not yet issued a public response to the token crash, sparking community discontent. On-chain sleuth ZachXBT had previously raised concerns, suggesting that the high valuation of the M token may have been driven by internal funds. M's spot trading is primarily concentrated on a few trading platforms, and its market热度 is partly fueled by trading volume from token launchpads and social media promotional activities driven by incentive mechanisms.

Market analysts believe that for such high-valuation tokens, if the supply is concentrated among internal holders, trading channels are limited, and there is insufficient actual buying pressure, they may face rapid declines due to liquidity shortages when selling pressure arises. (CoinDesk)