Reading Time: 2 minutesKey Takeaways:<\/p>\n
ZachXBT accused MemeCore of price manipulation and claimed that more than 90% of the $M token supply is held by insiders.
\nThe conflict started when MemeCore claimed to be officially recognized by Grayscale, leading to a sharp reply from the on-chain detective.
\nThe $M token has a huge market cap but low circulating supply, which makes it easy to manipulate.
\nThe community is split between those demanding transparency and those who believe the project is a strong leader in Meme 2.0.<\/p>\n
A Sarcastic Clash on Social Media
\nIt began when MemeCore posted that they were officially recognized by Grayscale because they appeared on a top crypto list. On-chain investigator ZachXBT quickly replied with his version: \u201cOfficially recognized on @ZachXBT! We\u2019re just getting started.\u201d He shared screenshots showing $M on his personal list of manipulated tokens.<\/p>\n
Officially recognized on @Grayscale ! We\u2019re just getting started. https:\/\/t.co\/ZBbLMdXHvL
\n\u2014 MemeCore (@MemeCore_M) April 20, 2026<\/p>\n
Read Next:\u00a0Vercel Security Warning: How a Small AI Tool Caused a Big Problem
\nThe Problem with the Numbers
\nThe $M token was trading around $3.50 with a market cap of nearly $6 billion, ranking it in the top 20 of all cryptocurrencies. However, ZachXBT pointed out a detail: only 12% to 24% of the total supply is actually available to the public. He claims that insiders, the team, and exchanges hold more than 90% of the tokens. This is a low float model that makes it easy for the price to be pushed up.
\nZachXBT pointed out details to show that MemeCore is manipulating
\nWhen a project claims a multi billion dollar valuation while insiders control nearly the entire supply, it creates a house of cards effect where the market cap becomes a vanity metric rather than a sign of strength.
\nThe big lesson here is that facts are harder to hide than they used to be. Today, people can check the real data in a few minutes. You can\u2019t just use big numbers to look successful if the data shows something else. For anyone putting money into crypto, it is important to look at who really owns the coins. If most of the supply is held by only a few people, the price isn\u2019t real.
\nRead Next: CZ Warns About Supply Chain Attacks After Security Leak\u00a0
\nA Divided Crypto Community
\nMany people agree with ZachXBT, calling $M a crime token and blaming large exchanges for listing risky projects just to make money. On the other hand, MemeCore\u2019s supporters in China and South Korea believe the project is still building a strong Meme 2.0 culture. Some even joked that ZachXBT\u2019s post was free marketing.
\nRead Next: Bybit Strengthened Transparency with 32nd Proof of Reserves Report<\/p>\n","protected":false},"excerpt":{"rendered":"