ZachXBT Grills MemeCore on $6B Valuation and Concentrated Token Supply Amid Broader Market Manipulation Probe

On-chain investigator ZachXBT has turned his formidable gaze toward MemeCore, publicly challenging the project to provide a clear rationale for its multi-billion dollar valuation and to explain what he claims is an alarming concentration of token supply in insider hands. This direct confrontation signals a widening scope for the sleuth's ongoing probe into suspicious market activities, particularly in the wake of the RAVE token's dramatic collapse.

The MemeCore Scrutiny: Valuation vs. Distribution

ZachXBT's challenge, delivered via X, was pointed: "Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply." MemeCore, which positions itself as the foundational layer-1 blockchain for the "Meme 2.0 economy," now faces intense scrutiny over its tokenomics and perceived market capitalization.

The project's valuation itself presents a fragmented picture across major data aggregators. CoinMarketCap placed MemeCore's M token at approximately $4.33 billion, ranking it 21st, while CoinGecko reported a higher figure of nearly $5.97 billion, securing a 20th spot. These discrepancies, coupled with ZachXBT's allegations, raise immediate questions about the true market perception and liquidity of the asset.

Further analysis by Bubblemaps revealed highly concentrated M token holdings, with one address, "0x8b8," holding 50 million tokens valued at roughly $178 million. A Binance deposit address also appeared as a significant holder. While Bubblemaps analyst 0xToolman suggested these patterns might represent team-held allocations rather than coordinated trading, and some tokens may not yet be in circulation, the optics fuel concerns about centralized control and potential market impact.

Echoes of RAVE: A Precedent for Concern

The challenge to MemeCore is not an isolated incident but rather an extension of ZachXBT's broader investigation into projects exhibiting what he terms "manipulation" signs. This intensified focus follows the recent implosion of the Rave DAO (RAVE) token, which saw its value plummet by over 80% after a meteoric rise.

ZachXBT previously accused RaveDAO of orchestrating a pump-and-dump scheme. His allegations cited concentrated token holdings and suspicious exchange flows, painting a picture of a token that soared from $0.25 to nearly $28 in days before crashing. RaveDAO has since denied these accusations, and both Binance and Bitget have confirmed they are reviewing the situation. The RAVE token has since fallen over 90% from its peak, trading significantly lower.

A Wider Net: Other Projects Under Watch

The RAVE incident appears to have galvanized ZachXBT's efforts, leading him to flag several other projects for "highly questionable price action." In a recent X post, he listed SIREN, MYX, COAI, PIPPIN, and RIVER alongside M (MemeCore) as tokens warranting further investigation. This indicates a systemic effort by the on-chain sleuth to identify and expose potential market manipulation across various segments of the crypto ecosystem.

For traders and investors, ZachXBT's ongoing work serves as a critical reminder of the importance of rigorous due diligence, especially in the volatile altcoin market. The spotlight on MemeCore and others underscores the need for transparency in token distribution and valuation, pushing projects to offer clear, verifiable data to support their market standing.