M Token Sees Flash Crash, Losing 80% in Minutes Without Clear Cause

The token tumbled from nearly $3 to around $0.50 in a matter of hours, wiping out roughly $3 billion in market value, with no hack, exploit, or official announcement to explain the sudden drop. Onchain investigator ZachXBT had earlier suggested in April that M’s price may have been inflated through insider activity.

MemeCore’s M token fell about 74% over 24 hours, sliding from roughly $2.92 to a low near $0.51 before recovering slightly to around $0.74, with no confirmed trigger behind the move.

The selloff erased close to $3 billion in market capitalization, bringing M’s valuation below $1 billion to around $969 million, down from approximately $3.8 billion before the decline, according to CoinDesk data.

Despite the magnitude of the move, trading volume remained relatively low at roughly $21 million for the day.

No clear catalyst has been identified so far, though the token had previously been scrutinized by onchain analyst ZachXBT.

In an April post, he questioned Kraken’s decision to list M for spot trading in July 2025 and raised concerns about its due diligence, alleging insider activity may have helped push the token’s valuation to about $6 billion, with an $18 billion fully diluted valuation.

ZachXBT pointed to around $7.9 million in suspicious withdrawals from Kraken to 18 newly created wallets, and claimed a wallet linked to the MemeCore team received 200 million M at launch before sending significant amounts to exchange deposit addresses.

He also noted that Kraken was one of a limited number of exchanges supporting M spot trading, and said the project’s growth appeared driven largely by launchpad activity and incentivized social-media campaigns. (These claims remain unverified.)

MemeCore did not respond to requests for comment and had not publicly addressed the price crash as of Thursday morning in Asia.

The episode underscores how fragile tokens with concentrated supply, limited liquidity, and promotion-heavy demand can be, with prices capable of collapsing rapidly once selling pressure accelerates.