Memecore Crashes 76% on June 25, Wiping $3B in Value Amid Pump-and-Dump Claims

On June 25, Memecore (M) flash-crashed 76% from $2.64 to $0.50, erasing approximately $3 billion in market value and marking one of the day's steepest declines. Although the token rebounded to trade near $0.80 at the time of writing, M remained down 76% over 24 hours, with its market capitalization plummeting from $6 billion to $900 million.

Online researcher ZachXBT renewed manipulation allegations against the project, targeting Memecore CGO Rudy Rong's public statements. Web3 Antivirus flagged the crash as a cautionary case of high fully diluted valuations coupled with low liquidity and concentrated insider supply, noting fewer than $100K in total on-chain liquidity on BSC. The incident reignited debate on centralized exchanges' listing standards, with critics questioning why platforms like Binance, Kraken, and Bitget had listed tokens with over 90% supply controlled by insiders.