Blockchain Investigator ZachXBT Demands MemeCore Clarify Token Distribution and Market Valuation
Prominent blockchain detective ZachXBT has publicly demanded that MemeCore provide justification for its multi-billion dollar valuation and address allegations of concentrated insider token holdings, expanding his investigation following the dramatic implosion of the RAVE cryptocurrency.
Blockchain detective ZachXBT issued a public demand on Monday for MemeCore to provide evidence supporting the valuation and token allocation of its M cryptocurrency, pressing the team to clarify its market capitalization and address allegations that "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."
These remarks bring renewed attention to MemeCore following a dramatic price surge, although real-time market capitalization figures showed variation between leading tracking platforms. On Monday, CoinMarketCap positioned the cryptocurrency at No. 21 with an estimated valuation of approximately $4.33 billion, whereas CoinGecko placed it at No. 20 with a market cap of roughly $5.97 billion.
According to blockchain data visualization platform Bubblemaps, the wallet address "0x8b8" ranked as the second-largest holder, controlling 50 million M tokens presently valued at $178 million, which accounts for 21.77% of the total supply. The platform identified the Binance Deposit address as the top holder, possessing 41.3% of the available supply.
Nevertheless, these concentration patterns don't automatically indicate coordinated manipulation, according to Bubblemaps blockchain data analyst 0xToolman, who told Cointelegraph that the "pattern looks like team holdings," which may not be in circulation yet.
Cointelegraph has contacted MemeCore for comment on the matter and details surrounding the token's distribution.
While ZachXBT has not yet published conclusive blockchain evidence demonstrating that insiders control 90% of the token supply, he committed to examining the cryptocurrency following the recent catastrophic failure of the Rave DAO (RAVE) token that created widespread concern throughout the cryptocurrency sector.
RAVE token's 90% meltdown sparks insider concerns
Last Saturday, ZachXBT leveled accusations against RaveDAO, alleging the orchestration of a pump-and-dump operation, pointing to highly concentrated token ownership patterns and questionable exchange transaction flows. This came after the RAVE token experienced a meteoric rise from $0.25 to approximately $28 in a matter of days, only to subsequently crash more than 80%.
RaveDAO has denied any role in the token's surge and collapse, Cointelegraph reported on Sunday. Both Binance and Bitget confirmed they are reviewing the situation.
The RAVE token fell 92% during the past week and was trading above $0.69 at 12:46 p.m. UTC on Monday, CoinMarketCap data shows.
According to ZachXBT, RAVE represents merely one example among multiple cryptocurrencies displaying indicators of "manipulation" on prominent trading platforms.
"Other projects with highly questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER," he wrote in a Saturday X post, pledging to investigate these price movements to identify the responsible parties.