Onchain Investigator ZachXBT Questions MemeCore Valuation and Token Distribution

Onchain investigator ZachXBT has publicly demanded that MemeCore, a layer-1 blockchain targeting the 'Meme 2.0 economy,' provide evidence to support its current valuation and explain its token distribution. The challenge comes amid a broader investigation into potential market manipulation across several crypto assets. ZachXBT specifically questioned why insiders allegedly hold over 90% of the M token supply, casting doubt on the project's transparency and market stability. Current valuation metrics for the M token vary across platforms, with CoinMarketCap reporting approximately $4.33 billion and CoinGecko estimating $5.97 billion. Blockchain data from Bubblemaps indicates that the Binance Deposit address holds 41.3% of the supply, while a single wallet, '0x8b8,' holds 50 million tokens valued at $178 million, representing 21.77% of the total supply. Some analysts suggest these patterns may represent team holdings that are not yet in circulation. This scrutiny follows the recent crash of the Rave DAO (RAVE) token, which plummeted 92% in a week after ZachXBT alleged a pump-and-dump scheme. RAVE had previously surged from $0.25 to nearly $28 before its collapse, prompting reviews by exchanges including Binance and Bitget. MemeCore is one of several projects, including SIREN, MYX, COAI, PIPPIN, and RIVER, that ZachXBT has flagged for 'questionable price action.' The investigator has pledged to continue identifying the parties responsible for these movements.