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ZachXBT presses MemeCore over $6B valuation and token supply concentration

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ZachXBT presses MemeCore over $6B valuation and token supply concentration

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.

Summary

  • ZachXBT questions MemeCore’s valuation and asks for proof supporting its multibillion-dollar market cap.
  • Blockchain data shows a large share of M token supply held by a few wallets, including a Binance deposit address.
  • Scrutiny follows the recent RAVE token collapse, with investigators flagging similar price patterns across several tokens.

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.”

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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.

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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.

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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.

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Crypto World

Philippine SEC Warns Against dYdX, Crypto Platforms

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Philippine SEC Warns Against dYdX, Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.

In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, stating that based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest. 

The regulator said none of the listed entities are registered with the Commission or hold the required authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain licenses and meet capital and operational requirements.

The SEC also warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.

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The advisory highlights a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. On Dec. 24, 2025, Philippine regulators blocked Coinbase and Gemini as part of their broader crackdown on unlicensed CASPs. 

Philippine SEC advisory against dYdX. Source: Philippine SEC

Broader crackdown on unlicensed crypto operators

The latest advisory comes as Philippine regulators continue to step up enforcement against crypto platforms operating without local authorization.

In 2024, authorities moved to block access to Binance after a compliance deadline expired, with regulators also directing app stores to remove the trading platform’s app from users’ devices in the country. 

Related: Cambodian lawmakers propose severe prison time for crypto scammers

The crackdown has since expanded to include other major platforms. In August 2025, the SEC issued an advisory naming 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering crypto services without registration, warning that their activities exposed Filipino investors to risks. 

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While regulators have targeted unlicensed operators, compliant firms have continued rolling out crypto products. In 2025, PDAX partnered with Toku to enable stablecoin salary payouts, while digital bank GoTyme launched crypto services with Alpaca, allowing users to buy and hold digital assets within its app.

Magazine: Telegram avoids Philippines ban, yen carry trade going onchain: Asia Express