ZachXBT Calls Out MemeCore $M Token Over Insider Supply

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The post came as a sarcastic reply to MemeCore’s claim of being “officially recognized” by Grayscale. ZachXBT swapped in his own handle and questioned the insider supply concentration. He shared CoinMarketCap data showing $M at a $5.96 billion market cap.

Only 1.8 billion tokens circulate out of a 5.4 billion total supply. That puts the fully diluted valuation above $18 billion.

What ZachXBT Found About the $M Token

ZachXBT’s post included two images. The first showed MemeCore alongside RAVE and other flagged tokens. The second displayed CoinMarketCap statistics for $M.

According to ZachXBT, roughly 33% of the total supply circulates. That low float lets modest buying pressure drive outsized price moves. The rest sits in wallets tied to insiders, based on his on-chain research.

He grouped the ZachXBT MemeCore $M token case with SIREN, MYX, COAI, PIPPIN, and RIVER. All of these tokens showed “highly questionable price action” on major centralized exchanges, according to his thread.

The on-chain data he referenced reveals concentrated holdings in just a handful of addresses. There is minimal evidence of organic distribution to retail holders across these tokens.

The RAVE Precedent

This call-out follows a pattern ZachXBT has documented over recent weeks. Days earlier, he flagged RAVE for the same playbook. That token also had insiders controlling over 90% of the supply with a thin circulating float.

In the RAVE case, deployer-linked wallets moved millions of tokens to exchanges before the price rally began. RAVE briefly reached a top-15 market cap position. Then it crashed roughly 95%, according to ZachXBT’s findings.

His RAVE investigation prompted public scrutiny from Bitget, Binance, and Gate. Those exchanges faced questions about how a token with such concentrated ownership passed their listing reviews.

The pattern across both cases is similar. A token launches with most of the supply held by a small group. Centralized exchange listings follow. Then the price climbs on limited float before the on-chain evidence surfaces.

How Low-Float Tokens Reach the Top 20

The mechanics rely on low-float, high-FDV tokenomics. When only a fraction of supply circulates, even modest buying pushes the market cap into the billions. This is how tokens with limited real demand can rank alongside established projects.

Centralized exchange listings amplify the effect. Some exchanges may receive allocation or liquidity fees for listing these tokens. Once listed, the CoinMarketCap ranking lends perceived legitimacy to retail buyers scanning leaderboards.

Insiders or related wallets can then manage sell pressure. They may coordinate short squeezes or withdraw liquidity at peak prices. The result is extreme volatility that often ends in steep drawdowns for retail participants.

On-chain data ZachXBT referenced supports this reading. Concentrated holdings in a few wallets with minimal organic spread suggests the price action may not reflect genuine market demand.

MemeCore’s Response and the Grayscale Claim

MemeCore calls itself the “Meme President L1.” It is a layer-1 chain built for meme coin infrastructure. The project launched in mid-2025 and quickly climbed global rankings as $M gained visibility.

The Grayscale reference appears to be a self-promotional overlay on a generic market-cap chart. There is no evidence of a formal endorsement, filing, or partnership from Grayscale involving MemeCore or its $M token.

MemeCore’s pinned response leaned into the attention from ZachXBT. The team did not address the supply concentration questions directly. Community replies show mixed reactions to the ZachXBT MemeCore $M token call-out.

Some defenders framed the post as free marketing for the project. Others acknowledged the red flags and pointed to the RAVE comparison as a warning sign.

What Comes Next for $M

Exchanges that listed $M may face pressure to review their allocation details and trading patterns. The RAVE precedent suggests ZachXBT’s evidence could trigger similar scrutiny from platforms.

If the insider concentration claims hold, selling pressure may follow. Unlocked tokens could move to exchanges. Retail investors may exit as the manipulation narrative gains traction.

ZachXBT has not called for any specific action. He has only demanded transparency on the market-cap justification and insider holdings. The $M token now sits under the spotlight of crypto’s top on-chain investigator.

Whether MemeCore provides the data points he requested, or the market prices in the risk first, will determine what happens from here.

This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.