Alvin Lang
Apr 20, 2026 14:09
Onchain investigator ZachXBT demands MemeCore explain why insiders allegedly control over 90% of M token supply despite $6B market cap claims.
Onchain investigator ZachXBT has publicly challenged MemeCore to justify its multi-billion dollar valuation, alleging that insiders control more than 90% of the project’s M token supply. The accusation, posted Monday on X, adds to growing concerns about token concentration in recently rallied meme-focused projects.
“Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply,” ZachXBT wrote in response to MemeCore, which markets itself as a layer-1 blockchain for the “Meme 2.0 economy.”
Valuation discrepancies across trackers
The numbers don’t quite agree. CoinMarketCap ranked M at No. 21 with a $4.33 billion market cap on Monday, while CoinGecko placed it at No. 20 with roughly $5.97 billion. Enrichment data from April 17 showed M trading at $3.71 with a $6.53 billion cap after a 29% daily surge—the token had just hit an all-time high of $3.88.
That’s a lot of value sloshing around for a token with questionable distribution.
Blockchain visualization platform Bubblemaps data reveals the second-largest holder, wallet “0x8b8,” controls 50 million M tokens worth approximately $178 million—21.77% of total supply. The Binance Deposit address sits as the largest holder at 41.3%.
Bubblemaps analyst 0xToolman offered some nuance, telling Cointelegraph the “pattern looks like team holdings” that may not be in circulation yet. But that distinction matters less when retail traders are buying at inflated prices against locked supply they can’t see.
Official tokenomics versus reality
MemeCore’s stated distribution allocates 58% to community, 15% to foundation, 13% to core contributors, 12% to investors, and 2% to Meme Treasury. If accurate, that’s 40% to insiders and backers—not 90%. The gap between official tokenomics and ZachXBT’s allegations deserves explanation.
ZachXBT hasn’t posted definitive blockchain proof of the 90% figure yet, but pledged deeper investigation following the RaveDAO collapse that rattled markets last week.
RAVE meltdown sets the stage
The timing isn’t coincidental. RAVE token exploded from $0.25 to nearly $28 before crashing 92% in a week—classic pump-and-dump mechanics. ZachXBT accused RaveDAO of orchestrating the scheme through concentrated holdings and suspicious exchange flows. RaveDAO denied involvement; Binance and Bitget are reviewing.
RAVE traded above $0.69 Monday, down from its peak. The carnage prompted ZachXBT to flag several other tokens showing “manipulation” signs: SIREN, MYX, COAI, M, PIPPIN, and RIVER.
MemeCore launched its mainnet in September 2025 and secured listings on Binance Alpha, Kraken, and Bitget starting July 2025. Separate reporting indicates ZachXBT has flagged Kraken specifically as a key venue in M token manipulation concerns, citing the $6 billion cap against just $66 million in app volume.
For traders holding M or considering entry, the risk calculus just shifted. Until MemeCore addresses the concentration allegations with verifiable onchain data, that $6 billion valuation sits on shaky ground.
Image source: Shutterstock
