MemeCore's M token fell roughly 80% intraday on June 25, 2026, sliding from a session high near $2.92 to approximately $0.50 before recovering to around $0.74, CoinDesk reported. The move erased nearly $3 billion in market capitalization, dropping it from roughly $3.8 billion to approximately $969 million, with no confirmed hack, exploit, or official explanation.
Leveraged longs got squeezed
Derivatives markets amplified the sell-off. Total liquidations hit $9.27 million, with $8.26 million on the long side, according to CoinPedia. M's derivatives volume surged 1,252% to $354.02 million as open interest collapsed 71.47%. The sequence fits a leveraged long squeeze on a thin-float token.
90% insider supply left almost no public float
On-chain investigator ZachXBT alleged in an April 20, 2026 post that more than 90% of M's total supply was controlled by insiders, per CoinEdition; the allegation resurfaced widely after the crash. CoinDesk also reported ZachXBT cited $7.9 million in suspicious Kraken withdrawals routed to 18 newly created addresses. At the time of the crash, on-chain liquidity in BNB Chain pools stood at roughly $100,000, per CoinPedia, against spot volume of approximately $21 million and a market cap that had been over $3 billion.
MemeCore did not respond to requests for comment, per CoinDesk.
