Memecore's M token plummets over 80% amid insider manipulation concerns

The Memecore (M) token plummeted over 80% today, falling from around $3 to $0.5 without any apparent negative news, CoinDesk reported. The outlet noted that no clear cause for the crash has been identified, such as a hack or a market-moving announcement. The report also highlighted that on-chain analyst ZachXBT had previously raised the possibility of insider manipulation during the token's rally in April. Today, the M token's price dropped from $2.92 to $0.51 on spot markets and fell as low as $0.4 on the Binance perpetual futures market. While the decline erased approximately $3 billion in market capitalization, the token's fully diluted valuation (FDV) remains around $7 billion. M is currently trading at $0.7046, down 75.23%, according to CoinMarketCap.