ZachXBT expanded his criticism of Memecore’s M token, urging clarification of its multibillion-dollar valuation and allegations that insiders control more than 90% of total supply.
Blockchain investigator ZachXBT questioned Kraken’s review process for listing Memecore’s M token for spot trading and raised broader concerns about the token’s market structure. He previously identified roughly $7.9 million in funds moved from Kraken to 18 newly created addresses, which he said now hold 11.7 million M worth about $39.8 million. In the latest comments on X, ZachXBT urged Memecore to explain its multibillion-dollar valuation and address claims that insiders control more than 90% of the token supply. He has also alleged that insiders pushed M to a $6 billion market capitalization and an $18 billion fully diluted valuation.