On-chain sleuth ZachXBT has raised fresh questions over MemeCore’s M token, urging the project to justify its multibillion-dollar valuation and clarify claims that insiders control more than 90% of the supply.

According to posts on X, on-chain investigator ZachXBT has publicly pressed MemeCore to explain how its M token reached a multibillion-dollar valuation while a large share of supply appears concentrated among a few holders.

“Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply,” ZachXBT wrote on Monday, responding to the project’s claims of building a layer–1 blockchain for the “Meme 2.0 economy.”

The remarks arrive at a time when the token has surged in price, drawing attention to how its market value is being calculated across platforms. CoinMarketCap placed the token at No. 21 with a valuation of $4.33 billion, while CoinGecko ranked it No. 20 at roughly $5.97 billion, pointing to a gap in reported figures across trackers.

Blockchain data has added another layer to the discussion around distribution. Data from Bubblemaps shows that the Binance deposit address is the largest holder, controlling about 41.3% of the supply.

The second-largest wallet, identified as “0x8b8,” holds 50 million M tokens worth around $178 million, accounting for 21.77% of the total supply.

Bubblemaps analyst 0xToolman said the pattern “looks like team holdings,” suggesting that a portion of the supply may not yet be circulating in the open market. No on-chain evidence has been shared so far to confirm the claim that insiders control more than 90% of the token supply, though ZachXBT said he would continue examining the data.

RAVE collapse adds context to fresh scrutiny

The latest questions around MemeCore follow a sharp fallout tied to another token that recently drew attention from the same investigator.

“Other projects with highly questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER,” ZachXBT wrote in a separate post over the weekend, adding that he plans to review these tokens to identify potential manipulation.

Rave DAO’s token became a focal point after it surged from $0.25 to nearly $28 within days before losing more than 80% of its value. ZachXBT alleged that the move carried signs of a coordinated pump-and-dump, pointing to concentrated holdings and unusual exchange flows.

RaveDAO has rejected the accusation, maintaining that it was not involved in the price spike or the subsequent crash. Binance and Bitget have both said they are reviewing the situation.

Market data shows the RAVE token has fallen 92% over the past week and was trading above $0.69 as of 12:46 p.m. UTC on Monday, according to CoinMarketCap.

A New York state assemblymember and congressional candidate has proposed an artificial intelligence dividend program for US citizens to address potential job losses stemming from advances in AI technology.

In an X post on Sunday, New York lawmaker Alex Bores outlined a plan to prepare the US and its citizens for the “potential large-scale displacement of human labor by artificial intelligence.”

“Today, I’m proud to announce the AI Dividend, my plan to prepare for the AI economy with direct payments to Americans funded by tax reform that simultaneously incentivizes hiring humans instead of AI,” he said.

Bores’ move comes amid growing concerns that AI could eventually drive mass unemployment. According to a recent Goldman Sachs report, AI adoption has resulted in the loss of about 16,000 jobs per month over the past year.

The proposed program would be funded through avenues such as a tax on AI use, equity stakes in leading AI companies, and tax reforms to the “treatment of labor and capital.”

Bores is currently touting the policy as part of his run for a seat in Congress, and its progress in getting off the ground may be dependent on the success of his campaign. 

Alongside paying dividends to US citizens, the funds would also go toward investments in “workforce transition, training and education” and establishing oversight and safety infrastructure.

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“At its core, the AI Dividend is simple: if AI dramatically increases productivity and concentrates wealth, the American people have a stake in those gains,” the dividend plan read. 

“The AI Dividend is a direct payment program that kicks in when and if AI meaningfully displaces American workers. It is not a punishment for innovation — it is an insurance policy.”

High-profile US tech giants such as Amazon, Meta, Intel and Microsoft have either already laid off thousands of workers or have reportedly planned to, due to efficiencies created by AI.  

However, global investment banking firm Morgan Stanley released a report on April 14 on AI job displacement, noting that the impact on the labor market has been “modest so far.”

Morgan Stanley argued that there has been limited evidence of widespread job losses and that, historically, new waves of technology can help expand employment over time, even as they displace some roles. It did, however, acknowledge that AI could defy this historical precedent.

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