Summary
- Prominent on-chain sleuth ZachXBT has alleged that Memecore (M) manipulated its price through insider control of token supply.
- Memecore has an estimated $5.9 billion market capitalization, with actual circulating supply at about one-third of the total and a projected $18.1 billion FDV.
- Concerns are rising over future price volatility if insiders hold more than 90%% of total supply, while RaveDAO, which faced similar allegations, later saw its price plunge after an investigation.
Forecast Trend Report by Period
Prominent on-chain sleuth ZachXBT has accused Memecore (M) of possible price manipulation through insider control of token supply.
In a post on X on April 20, ZachXBT told Memecore to "provide evidence" supporting its roughly $6 billion market capitalization and explain why insiders hold more than 90% of the total supply.
An image he posted showed Memecore with a market capitalization of about $5.9 billion. Its actual circulating supply was about 1.8 billion tokens, or roughly one-third of the total supply. If the full supply is eventually released into the market, the token's fully diluted valuation would rise to about $18.1 billion.
That has fueled concern that price volatility could intensify if insiders hold the tokens that have yet to enter circulation.
ZachXBT previously made a similar allegation against RaveDAO (RAVE), whose value surged 700-fold over a short period. After centralized exchanges including Bitget began investigating RaveDAO, the token's price plunged. As of 3:53 p.m. on April 20, RaveDAO was trading at $0.5441, down 92.18% from a week earlier.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
