ZachXBT asks MemeCore to explain valuation and token supply

Onchain investigator ZachXBT publicly challenged MemeCore on Monday to justify the valuation and supply distribution of its M token, asking the project to explain its market cap and why “insiders hold >90% of 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,” wrote ZachXBT in a Monday X response to Memecore, a project advertising itself as the layer–1 blockchain for the “Meme 2.0 economy.”

The comments add fresh scrutiny to MemeCore after a sharp rally, though live valuation metrics differed across major trackers. CoinMarketCap ranked the token No. 21 at about $4.33 billion on Monday, while CoinGecko ranked it No. 20 at about $5.97 billion.

The second-largest holder, wallet “0x8b8,” held 50 million M tokens currently worth $178 million, representing 21.77% of the supply, according to blockchain data visualization platform Bubblemaps, which listed the Binance Deposit address as the largest holder with 41.3% of the supply.

However, the token holdings don’t necessarily point to coordinated activity, according to Bubblemaps blockchain data analyst 0xToolman, who told Cointelegraph that the “pattern looks like team holdings,” which may not be in circulation yet.

ZachXBT has not posted definitive blockchain data proving that 90% of the supply is held by insiders, but pledged to investigate the token after the recent meltdown of the Rave DAO ($RAVE) token sent shockwaves across the industry.

Related: Suspected insider wallets rack up $1.2M betting on ZachXBT’s Axiom exposé

$RAVE token’s 90% meltdown sparks insider concerns

On Saturday, ZachXBT accused RaveDAO of orchestrating a pump-and-dump scheme, citing concentrated token holdings and suspicious exchange flows, after the $RAVE token soared from $0.25 to nearly $28 within days before crashing over 80%.

RaveDAO has denied any role in the token’s surge and collapse, Cointelegraph reported on Sunday. Both Binance and Bitget confirmed they are reviewing the situation.

The $RAVE token fell 92% during the past week and was trading above $0.69 at 12:46 p.m. UTC on Monday, CoinMarketCap data shows.

ZachXBT claimed that $RAVE was just one of several tokens spotting “manipulation” signs on major exchanges.

“Other projects with highly questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER,” he wrote in a Saturday X post, pledging to investigate these price movements to identify the responsible parties.

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