MemeCore has yet to respond to the community’s dissatisfaction over the token’s sharp decline; ZachXBT had previously questioned whether the high valuation might have been driven by internal funding.

Svmuu News: MemeCore’s ecosystem token, M, has experienced a sharp decline, with its market capitalization evaporating by nearly $3 billion in a single day. The project has yet to issue a public response to the token’s plunge, sparking discontent within the community. “On-chain detective” ZachXBT had previously raised concerns, suggesting that the M token’s high valuation might be driven by internal funds. Spot trading of M is primarily concentrated on a handful of exchanges, and its market buzz stems in part from trading volume generated by the platform where the token launched, as well as social media promotional campaigns driven by incentive mechanisms.
Market analysts believe that when such highly valued tokens are concentrated among internal holders, have limited trading channels, and lack sufficient actual buying interest, they may face rapid declines due to liquidity shortages when selling pressure arises. (CoinDesk)