Token M của MemeCore giảm 70% trong một tuần giữa bối cảnh nắm giữ tập trung

MemeCore's native token M dropped approximately 70% over one week amid broader weakness in the altcoin market. As of morning 10 AM on the 26th, M traded at 0.89 USD (approximately 1,230 KRW) with a market cap reduced to 1.17 billion USD (approximately 1.7967 trillion KRW) according to CoinMarketCap. Experts attribute the decline to concentrated token holdings by the foundation and a derivatives-driven price formation structure. The altcoin market represented approximately 43% of total digital assets as of morning 11 AM on the 27th according to CoinGecko.

M Token Records 69.6% Weekly Decline

M traded at 0.89 USD (approximately 1,230 KRW) as of morning 10 AM on the 26th according to CoinMarketCap. The token declined approximately 69.6% over the recent one-week period. Market capitalization decreased to 1.17 billion USD (approximately 1.7967 trillion KRW).

Top 8 Wallets Control 83.41% of M Supply

On-chain data reveals concentrated token distribution among a small number of wallets. The top 8 holding wallets control 30.64%, 13.00%, 12.07%, 11.14%, 5.89%, 4.54%, 4.25%, and 1.86% of supply respectively. Combined, these wallets hold approximately 83.41% of total supply. The top 4 wallets alone account for 66.86% of supply.

Experts Cite Derivatives Structure as Decline Factor

Jo Dong-hyun, co-founder of Undefined Labs, stated in a call that "M is an asset where price has been formed centered on the derivatives market in a state where there is almost no circulating supply from the beginning." He added, "It can be viewed as a structure where market cap has been grown while liquidating short positions in the futures market with the foundation holding most of the total supply."

Jo further stated, "This price decline can be viewed as a movement that occurred in a structure where price can be intentionally adjusted rather than a simple accident," adding, "Because the foundation holds most of the spot supply, it is also possible to pull the price back up after dropping it sharply."

On-chain analyst ZachXBT identified M along with SIREN, MYX, PIPPIN, and RIVER as projects with suspicious recent price movements in an X post on April 20. Following M's sharp price decline on June 25 (local time), ZachXBT posted on X targeting the MemeCore team: "How many retail investors lost funds due to the MemeCore teams $M manipulation?" and "You are not welcome in the US go back to your home country."

FAQ

What caused M token's 70% price drop over one week?

Experts attribute the decline to concentrated token holdings by the MemeCore foundation and a derivatives-driven price formation structure. Jo Dong-hyun of Undefined Labs stated that the foundation holds most of the total supply while price formed primarily in the derivatives market with minimal circulating supply.

How concentrated is M token ownership among wallets?

On-chain data shows the top 8 wallets control approximately 83.41% of total M supply. The top 4 wallets alone hold 66.86% of supply, with individual holdings of 30.64%, 13.00%, 12.07%, and 11.14% respectively according to MemeCoreScan data.

What price level did M reach as of the 26th?

M traded at 0.89 USD (approximately 1,230 KRW) as of morning 10 AM on the 26th according to CoinMarketCap, with market capitalization reduced to 1.17 billion USD (approximately 1.7967 trillion KRW).