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Following a period of rapid gains, the memecoin Memecore (M) saw its market capitalization fall from $5.4 billion to $4.57 billion on Tuesday, dropping out of the top 20 digital assets by market cap tracked by CoinGecko.
Memecore (M) fell 15.9% to an intraday low of $3.43 on Tuesday. Although the token later rebounded to $3.52, it remained down 15.9% over 24 hours, wiping out nearly $1 billion in market capitalization.
The move marked the first time M traded below $4 in more than seven days. The selloff was also a sharp reversal after the token peaked at a record $4.82 just four days earlier.
The decline comes after prominent online sleuth ZachXBT raised concerns about Memecore’s price action and questioned Kraken’s decision to list the token.
In an X post dated April 20, ZachXBT scrutinized M alongside other tokens—SIREN, PIPPIN, and RIVER—and demanded to know how M passed due diligence. The post followed ZachXBT’s earlier work exposing opaque ownership structures within RaveDAO (RAVE).
Memecore’s crash follows a period of extraordinary momentum, with the token up roughly 7,200% since July 4, 2025. Investors are now watching whether M can recover or whether it could face another major selloff after its rapid run-up.
Similar questioning by ZachXBT previously prompted exchanges including Gate, Binance, and Bitget to launch investigations, which ultimately contributed to RAVE’s collapse.
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