ZachXBT, an Onchain researcher, publicly asked MemeCore to explain the market cap of the M token and the distribution of the tokens on Monday. “insiders hold >90% of supply.”
“Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply,” wrote ZachXBT in a Monday X response to Memecore, a project advertising itself as the layer–1 blockchain for the “Meme 2.0 economy.”
These comments have brought MemeCore to the forefront after its recent rally. However, live metrics for MemeCore were different across all major trackers. CoinMarketCap ranked The token number 21 was valued at $4.33 billion on Monday, while CoinGecko estimated the same. CoinGecko valued the token No. 21 on Monday at $4.33 billion. ranked The 20th at approximately $5.97 Billion. The 20th largest at approximately $5.97 billion
Bubblemaps showed With wallet, you can hold M tokens in concentrated form. “0x8b8” Binance is the most visible owner of 50,000,000 tokens, worth $178,000,000. Bubblemaps’ 0xToolman, however, told Cointelegraph that the pattern appeared more like a team holding allocations rather than coordinated trading.
Cointelegraph has reached out to MemeCore in order to get their comments on this matter, as well as the details of the token distribution.
ZachXBT did not post definitive data on the blockchain that proves 90% of the total supply of tokens is owned by insiders. However, the company has pledged to look into the token following the meltdown of Rave DAO token (RAVE), which sent shockwaves through the industry.
Related: Suspected insider wallets rack up $1.2M betting on ZachXBT’s Axiom exposé
Insiders are concerned about RAVE’s 90 percent meltdown
ZachXBT, on Saturday, accused RaveDAO, of an alleged pump-and dump scheme. Citing concentrated token holdings, and suspicions about exchange flow, the token RAVE soared in a matter of days from $0.25 up to almost $28 before plummeting by over 80%.
RaveDAO has denied Cointelegraph published a report on Sunday that questioned whether the coin’s rise and fall was due to any factors. Binance as well Bitget have confirmed that they will be reviewing the situation.
The price of the RAVE token was $0.69 or higher at 12:46 PM UTC Monday. CoinMarketCap The data show.
ZachXBT said that RAVE is just one token among many others. “manipulation” Signs on Major Exchanges
“Other projects with highly questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER,” He wrote in a Sunday X postThe pledged to look into these movements in price to determine the parties responsible.
Magazine: Meet the onchain crypto detectives fighting crime better than the cops
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
