MemeCore's M token crashes 74%, wiping out $3 billion in market value

MemeCore's M token plunged from $2.92 to $0.74 in hours with no exploit or hack. On-chain investigator ZachXBT had previously alleged insiders manipulated the price, highlighting risks of tokens with concentrated insider supply and thin trading venues.

• M token fell 74% from $2.92 to $0.74, erasing nearly $3 billion in market value
• No exploit, hack, or official announcement explained the sudden drop
• On-chain investigator ZachXBT had alleged in April that insiders manipulated M's price
• Kraken was one of only a few exchanges supporting M spot trading
• The crash shows how fragile tokens with heavy insider ownership and limited venues can be

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