Onchain investigator ZachXBT publicly challenged MemeCore on Monday to justify its multi-billion dollar market cap and explain why he alleges insiders hold more than 90% of the project’s M token supply. The scrutiny comes days after the RAVE token collapsed 95% following ZachXBT’s investigation into its tokenomics, and signals a widening probe into tokens with concentrated holder structures listed on major centralized platforms.
$6 Billion Valuation, $66 Million in App Volume
“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 an X post directed at MemeCore, a project marketing itself as a layer-1 blockchain for the “Meme 2.0 economy.”
The numbers vary depending on who you ask. 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. ZachXBT pointed to an even sharper disconnect: MemeCore’s total trading volume on its native app sits at just $66 million, raising questions about how a platform with that level of activity supports a top-25 valuation.
Bubblemaps data showed concentrated M token holdings, with wallet “0x8b8” holding 50 million tokens worth approximately $178 million. A Binance deposit address appeared as the largest visible holder. Bubblemaps analyst 0xToolman told Cointelegraph the pattern resembled team-held allocations rather than coordinated trading, adding that some tokens may not yet be in circulation.
MemeCore’s official tokenomics allocate 58% to community, 15% to foundation, 13% to core contributors, 12% to investors, and 2% to Meme Treasury. If accurate, that puts roughly 40% in insider and backer hands, not 90%. The gap between official distribution and ZachXBT’s allegations remains unexplained. ZachXBT has not yet published definitive blockchain proof of the 90% figure but pledged a deeper investigation.
RAVE Crashes 95% to $1.24 as RaveDAO Denies Manipulation and Confirms Plans to Sell Tokens
RAVE Set the Template for the Probe
The MemeCore investigation follows directly from ZachXBT’s weekend takedown of RaveDAO. On Saturday, he accused the project of orchestrating a pump-and-dump scheme, citing concentrated token holdings and suspicious exchange flows. The RAVE token had surged from $0.25 to nearly $28 within days before crashing over 80%. By Monday, RAVE was trading above $0.69, down 92% on the week.
RaveDAO denied any role in the token’s surge and collapse. Both Binance and Bitget confirmed they are reviewing the situation. ZachXBT also flagged Kraken as a key venue in the M token’s suspicious activity, noting that onchain flows suggest centralized platforms received M tokens as part of listing fees or liquidity arrangements.
Six More Tokens on the Watch List
ZachXBT signaled that RAVE and MemeCore are not isolated cases. In a weekend X post, he listed several other tokens exhibiting what he described as manipulation signs: SIREN, MYX, COAI, M, PIPPIN, and RIVER. He pledged to investigate each project’s price movements to identify the responsible parties.
Data from CoinMarketCap showed M, River, and Siren were all down 7-9% in the 24 hours following ZachXBT’s posts. When retail traders suggested shorting the flagged tokens, ZachXBT pushed back: “I do not recommend shorting manipulated tokens with a high insider concentration.”
The wave of investigations highlights a persistent vulnerability in the token listing process at major centralized platforms. Projects with thin public float, concentrated insider wallets, and inflated market caps continue to reach prominent exchange listings, exposing retail buyers to asymmetric downside risk. Until MemeCore addresses the concentration allegations with verifiable onchain data, the gap between its headline valuation and underlying fundamentals remains an open question.
