MemeCore's M token experienced a severe 76% decline over the past 24 hours, tumbling from approximately $2.66 to an intraday low of $0.50 before paring some losses to trade near $0.681. According to AMBCrypto data, the token shed 76.1% of its value in one of its steepest daily declines, with the crash unfolding without any official announcement or confirmed catalyst from the project team. The selling activity accelerated throughout the session as trading volume climbed 134.9% to $29.39 million, reflecting aggressive distribution rather than sustained buying demand. The wider crypto market slipped just 1.64% over the same window, with M's loss far outpacing that move, leaving the token ranked 72nd by market capitalization.
On-chain investigator ZachXBT has resurfaced his earlier warnings about MemeCore following the crash, questioning the token's legitimacy and exchange listings. In a Telegram post addressing the crash, ZachXBT cited his past warnings about the meme coin, stating "Myself, Mlm, & Wazz previously highlighted a number of red flags on X about MemeCore with inorganic supply concentration and deceptive practices by its team to boost user numbers." He questioned why Binance and Bybit listed M perpetuals, and why Kraken and Bitget listed M spot, calling such "highly manipulated tokens" that damage the industry and extract value from retail users. ZachXBT also pointed to Arkham data showing no single transfer above $50,000 on BSC in more than two weeks, and Dexscreener data showing less than $100,000 in total on-chain liquidity on BSC. The investigator questioned how M reached a multibillion-dollar valuation while a large share of supply appeared concentrated among a few holders, with a Binance deposit address holding about 41.3% of supply and another wallet holding 50 million M tokens worth about $178 million at the time.
The derivatives market experienced an even sharper shakeout as leveraged long positions absorbed the overwhelming share of liquidations. According to AMBCrypto data, long liquidations reached approximately $7.97 million while short liquidations totaled only about $699,000, creating a significant imbalance across major exchanges. Binance recorded the largest long liquidations at roughly $1.9 million, followed by Bybit with about $4.56 million. Short liquidations remained comparatively limited across every venue, highlighting how rapidly bullish positions unraveled during the decline. The liquidation flush also removed a large portion of leveraged exposure, which could reduce immediate downside volatility if fresh selling pressure subsides. However, the collapse in Open Interest dropped 76.7% to $18.03 million, reflecting a broad reduction in outstanding leveraged positions rather than fresh speculative activity.
Price action confirmed a decisive technical breakdown after MemeCore sliced below the $2.649 support level without attracting enough buying interest to stabilize the decline. The collapse extended toward $0.681, leaving the token only slightly above the next notable support near $0.385. Overhead resistance now stands around $1.25, followed by the former breakdown level near $2.649, which would likely require strong buying pressure to reclaim. The Parabolic SAR remained above the price, confirming that bearish control persisted throughout the session. The magnitude of the breakdown also invalidated the previous trading structure visible on the daily chart. Unless MemeCore reclaims key resistance zones, sellers would likely continue controlling the broader trend despite the scale of the recent capitulation. A recovery could emerge if confidence returns and buyers reclaim key resistance levels, but until then, bearish conditions would likely persist.
