Memecore’s (M) price has surged dramatically, topping charts with an 84.8% daily gain after a 75% crash just days earlier. The volatile rally follows allegations by crypto investigator ZachXBT that insiders hold over 90% of the supply and engaged in market manipulation, actions that reportedly wiped billions from the coin’s value. The sustainability of the recovery remains highly uncertain amid a bearish broader crypto market.
Memecore (M) is currently topping performance charts, registering an 84.8% rally in the daily charts according to CoinGecko. This surge comes days after the coin experienced a massive 75% price crash in late June.
The crash reportedly caused the project’s fully diluted valuation to fall from $14 billion to $3.8 billion. After the collapse, prominent crypto investigator ZachXBT targeted the project with accusations of market manipulation.
ZachXBT claims that insiders hold more than 90% of Memecore’s supply. He also questioned exchanges about their listing and due diligence processes for the token.
“He has also said that a large number of retail investors have lost money due to insider manipulation,” the report stated. Given this cloud of doubt, it is unclear if the current rally is genuine or fueled by insider trading.
The broader cryptocurrency market environment remains bearish, with Bitcoin struggling to surpass the $60,000 level. Analysts note that high-risk assets engulfed in controversy, like Memecore, may face significant volatility.
