TL;DR
ZachXBT challenges MemeCore to prove its $6 billion valuation.
Insiders reportedly hold over 90% of M token supply.
CoinMarketCap and CoinGecko show different market cap rankings.
On Monday, onchain investigator ZachXBT publicly asked MemeCore to justify two numbers. The first: its market cap. The second: why insiders supposedly hold more than 90% of the M token supply.
“Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply,” he wrote on X. MemeCore advertises itself as a layer-1 blockchain for what it calls the “Meme 2.0 economy.”
The request adds new pressure on the project after a sharp price rally. But live data from major trackers do not match each other. On Monday, CoinMarketCap ranked the M token at number 21 with a market cap near $4.33 billion. CoinGecko placed it at number 20 with about $5.97 billion. That is a gap of more than $1.6 billion between two widely used sources.
Concentrated holdings and unanswered questions
Blockchain data platform Bubblemaps showed a concentrated pattern. One wallet, labeled “0x8b8,” holds 50 million M tokens. At Monday prices, that stash is worth roughly $178 million. A Binance deposit address appears as the largest visible holder.
But Bubblemaps analyst 0xToolman told Cointelegraph that the distribution looks more like team-held allocations. He added that some of those tokens may not yet be in circulation. That distinction matters. Tokens held by a team but not released do not count as liquid supply. Still, the overall picture raises doubts.
ZachXBT has not posted definitive onchain proof that insiders control 90% of the supply. He promised to investigate the token following the recent collapse of Rave DAO (RAVE). That meltdown sent shockwaves through the industry, and ZachXBT turned his attention to MemeCore next.
MemeCore has not responded publicly as of Monday evening
The project faces a simple problem: if the numbers do not add up, trust erodes. A $6 billion market cap would put M token among the top 20 cryptocurrencies. For a relatively unknown layer-1 project focused on memes, that valuation invites skepticism.
Investors should look at three things. First, the actual circulating supply. Second, whether the team controls most tokens. Third, how the project plans to distribute those holdings over time. Without clear answers, the rally looks fragile.
ZachXBT built a reputation by following the data. His challenge to MemeCore is not an accusation. It is a request for proof. The ball now sits in MemeCore’s court. A single transaction hash or a verified wallet breakdown could clear things up. Until then, the market watches. And the gap between CoinMarketCap and CoinGecko only adds to the confusion.
As one observer put it, a meme coin with a top-20 market cap and no transparent supply distribution is like a house with no foundation. It might stand for a while. But do not count on it lasting.
