ZachXBT flag holder concentration concerns associated with MemeCore
Onchain researcher ZackXBT publicly challenged MemeCore on Monday to explain the valuation and supply distribution of the M token, asking the project about its market cap and why “insiders hold >90% of the supply.”
“Please provide a single data point to support the $6B mkt cap on the top 20 tokens and why the insiders hold >90% supply,” wrote ZachXBT in a Monday X response to Memecore, a project promoting itself as a layer-1 blockchain for the “Meme 2.0 economy.”
The comments add new scrutiny to MemeCore after the demonstration, although live evaluation metrics vary across major monitors. On Monday, CoinMarketCap ranked the token number 21 at about $4.33 billion, while CoinGecko ranked 20th at about $5.97 billion.
Bubble maps showed concentrated M Token holdings, with wallet “0x8b8” holding 50 million tokens worth about $178 million and Binance's deposit address being the largest visible holding. But Bubblemaps analyst 0xToolman told Cointelegraph that the pattern looks more like a pooled allocation than evidence of coordinated trading, some of which may not be in circulation yet.
Cointelegraph contacted MemeCore for comment on the matter and details surrounding the token distribution.
ZachXBT hasn't published actual blockchain data proving that 90% of the supply is held by insiders, but it has promised to investigate the token after the recent meltdown of the Rave DAO (RAVE) token sent shockwaves through the industry.
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90% meltdown of RAVE token triggered internal concerns
On Saturday, ZachXBT rallied from $0.25 to about $28 in days before the RAVE token plunged more than 80%.
RaveDAO has denied any role in the token crash and collapse, Cointelegraph reported on Sunday. Both Binance and Bitget confirmed they are reviewing the situation.
The RAVE token has fallen 92% in the past week and was trading above $0.69 at 12:46 pm UTC on Monday, according to CoinMarketCap data.
ZachXBT said RAVE is just one of many signs of “manipulation” on major exchanges.
“Other projects with very questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER,” he wrote in Saturday's X-Post, promising to investigate these price movements to identify the parties responsible.
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