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MemeCore ($M) has surged into the spotlight, but onchain investigations are raising concerns about extreme supply concentration. Reports indicate that more than 90% of MemeCore’s supply is held by a tight cluster of insider wallets, a structure that analysts describe as a “ghost market cap.”
The term refers to projects that show multi-billion-dollar valuations on paper but have limited actual liquidity or free float—tokens available for public trading.
Analysts point to parallels with RaveDAO (RAVE), which experienced a rapid collapse after insiders were found to control the majority of supply. RAVE was promoted as a “Live-to-Earn” initiative and surged from 0.25 USD to nearly 28 USD in April 2026. Onchain sleuth ZachXBT reported that insiders controlled 95% of the supply.
After the initial rally, a single multisig wallet reportedly moved millions of tokens to exchanges, creating a liquidity vacuum. RAVE then fell from its peak to sub-1 levels in less than 48 hours, wiping out approximately 6 billion USD in market value.
MemeCore’s current supply concentration is being framed as a similar risk scenario.
Based on the provided M/USD data, the token is described as showing characteristics of a low-float pump.
The article lists several red-flag signals for investors monitoring MemeCore:
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