USDZachXBT Challenges MemeCore Valuation and Supply Concentration
Insider holdings, token supply, and exchange flows come under scrutiny
TL;DR
- ZachXBT questioned MemeCore’s roughly $6 billion valuation and claimed insiders may control more than 90% of supply.
- He highlighted $7.9 million in Kraken withdrawals sent to 18 new addresses holding 11.7 million M.
- Supply figures and token unlock data became central to the dispute over valuation accuracy.
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On April 20, 2026, onchain investigator ZachXBT challenged MemeCore’s M token, questioning how it reached a roughly $6 billion market capitalization and whether insiders control more than 90% of its supply. The dispute centers on valuation, circulating supply accuracy, and whether the token’s ownership structure reflects a broad market or a concentrated group of holders.
The challenge followed a public exchange after MemeCore posted, “Officially recognized on @Grayscale! We’re just getting started.” ZachXBT responded, “Officially recognized on @ZachXBT! We’re just getting started,” drawing attention to concerns over whether visibility and rankings were outpacing transparency around token distribution and ownership.
ZachXBT also questioned Kraken’s July 3, 2025 spot listing of M and asked how the token passed due diligence. He pointed to $7.9 million in withdrawals from Kraken sent to 18 newly created addresses. Those addresses held a combined 11.7 million M, valued at about $39.8 million at the time of his post.
Supply discrepancies and valuation pressure
MemeCore’s reported circulating supply stands at 1.29 billion tokens, while an estimate placed the unlocked supply at about 230 million tokens, suggesting a nearly sixfold difference between reported and accessible supply. The token was also described as having reached a $6 billion market capitalization and an $18 billion fully diluted valuation, focusing scrutiny on whether those figures reflect actual market liquidity.
MemeCore is described as a layer-1 blockchain built for the “Meme 2.0” economy. The central issue raised is whether concentrated ownership could distort price discovery and give the appearance of broader market participation than actually exists.
Onchain data visualizations show concentrated holdings across a limited number of wallets. Wallet “0x8b8” holds 50 million tokens worth about $212 million, while a Binance deposit address appears as the largest visible holder. The exact beneficial ownership of these wallets is not fully established.
Bubblemaps analyst 0xToolman said the observed clustering resembles team-held allocations rather than coordinated trading activity and noted that some of those tokens may not yet be in circulation. No definitive blockchain proof has been presented showing insiders control more than 90% of the supply.
Price action and earlier token controversy
M gained more than 49% over the week and 24% over 24 hours to $4.34. The token traded sideways for months after late November 2025 before breaking out by late March 2026, moving above $3 in mid-April and reaching $4.6.
The scrutiny follows earlier focus on RaveDAO’s RAVE token, where ZachXBT accused the project of operating a pump-and-dump scheme tied to concentrated holdings and exchange flows. He also named M alongside SIREN, MYX, COAI, PIPPIN, and RIVER as tokens showing signs of manipulation on major exchanges.
RAVE surged from about $0.25 to nearly $28 before dropping more than 80%. A separate figure placed the weekly drawdown at 92%, while the token remained up 216.9% over 24 hours and traded at $1.71 at the time referenced.
As of April 21, 2026, the allegations remain under investigation.
FAQ
What did ZachXBT question about MemeCore?
He questioned valuation, supply concentration, exchange flows, and listing due diligence.
What triggered the public dispute?
MemeCore’s post about being recognized by Grayscale.
What did 0xToolman say about wallet clustering?
It resembles team allocations, not coordinated trading.
This article has been refined and enhanced by ChatGPT.
