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.

Token concentration raises questions

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.