MemeCore has yet to respond to community dissatisfaction over the token crash, ZachXBT previously questioned whether high valuation was driven by internal funds

CoinFeed June 27 news, according to CoinDesk report, the MemeCore ecosystem token M previously experienced a sharp decline, with a market cap wipeout of nearly $3 billion in a single day. The project has not yet publicly responded to the token crash, sparking community dissatisfaction. 'On-chain detective' ZachXBT previously questioned it, suggesting that the high valuation of the M token may have been driven by internal funds. Spot trading of M is mainly concentrated on a few trading platforms, and its market popularity partly comes from the token launch platform's trading volume and social media promotion activities driven by incentive mechanisms. Market analysts believe that such high-valuation tokens, if supply is concentrated among internal holders, trading channels are limited, and actual buying interest is insufficient, may face a rapid decline due to liquidity shortages when selling pressure emerges.