The Solana-based meme coin MemeCore (M) has surged to become the market’s second-largest meme coin by capitalization, surpassing Shiba Inu. Its price recently hit a four-month high, driven by a major ecosystem update and new exchange listings. However, some analysts warn the token shows signs of a potential scam, citing thin liquidity and concentrated supply control, while its high Relative Strength Index suggests a possible near-term pullback.
The crypto market has a new standout performer in the Solana-based meme coin MemeCore (M). Its price has jumped by double digits in recent weeks, outperforming leading cryptocurrencies like Bitcoin and Ethereum during the broader bear market.
Earlier this month, M hit a four-month high of $2.56 and currently trades around $2.35. Its market cap has surpassed $4 billion, making it the second-largest meme coin behind only Dogecoin.
One catalyst for the rally was an ecosystem update revealed by the team. The developers announced that the MemeCore Hardfork is officially “live and stable.” “Combined with our new Account Abstraction, your transactions aren’t just cheaper – they’re smarter!” the disclosure reads.
Furthermore, Aster decided to list perpetual contracts for M with up to 50x leverage. Some observers on social media praised the price ascent, with one user claiming the coin showed “incredible strength.”
Other market observers issued strong warnings, however. One user warned that MemeCore could be a dangerous scheme. Another described it as a “ghost chain” controlled by just seven wallets.
“Empty order books everywhere. Spot depth is virtually zero,” they added, noting that 83% of the token’s 10 billion max supply remains unaccounted for. Investors must also consider the token’s volatile nature and high Relative Strength Index, which has risen to almost 70, indicating a potential pullback.
