ZachXBT asks MemeCore to explain valuation and token supply

CointelegraphApr 203 min readOriginal source →

TL;DR

ZachXBT challenged MemeCore to justify its $6B market cap and the fact that insiders hold over 90% of the M token supply. The token's valuation varies across platforms, with CoinMarketCap listing it at $4.33 billion and CoinGecko at $5.97 billion.

Key points

ZachXBT questions MemeCore's $6B market cap
Insiders hold over 90% of M token supply
Market cap varies between $4.33B and $5.97B
Binance Deposit address is the largest holder
Concerns about centralization and market manipulation

Mentioned in this story

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MemeCoreBinance Deposit addressM token

Onchain investigator ZachXBT publicly challenged MemeCore on Monday to justify the valuation and supply distribution of its M token, asking the project to explain its market cap and why “insiders hold >90% of supply.”

“Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply,” wrote ZachXBT in a Monday X response to Memecore, a project advertising itself as the layer–1 blockchain for the “Meme 2.0 economy.”

The comments add fresh scrutiny to MemeCore after a sharp rally, though live valuation metrics differed across major trackers. CoinMarketCap ranked the token No. 21 at about $4.33 billion on Monday, while CoinGecko ranked it No. 20 at about $5.97 billion.

The second-largest holder, wallet “0x8b8,” held 50 million M tokens currently worth $178 million, representing 21.77% of the supply, according to blockchain data visualization platform Bubblemaps, which listed the Binance Deposit address as the largest holder with 41.3% of the supply.

However, the token holdings don’t necessarily point to coordinated activity, according to Bubblemaps blockchain data analyst 0xToolman, who told Cointelegraph that the “pattern looks like team holdings,” which may not be in circulation yet.

M token, top 250 holders by amount. Source: Bubblemaps

ZachXBT has not posted definitive blockchain data proving that 90% of the supply is held by insiders, but pledged to investigate the token after the recent meltdown of the Rave DAO (RAVE) token sent shockwaves across the industry.

RAVE token’s 90% meltdown sparks insider concerns

Q&A

What is the market cap of MemeCore's M token?

MemeCore's M token has a market cap that varies between approximately $4.33 billion and $5.97 billion, depending on the tracking platform.

Why do insiders hold over 90% of the M token supply?

Insiders holding over 90% of the M token supply raises concerns about centralization and market manipulation, prompting scrutiny from onchain investigator ZachXBT.

Who are the largest holders of the M token?

The largest holder of the M token is the Binance Deposit address, which owns 41.3% of the supply, while the second-largest holder, wallet '0x8b8,' holds 21.77%.