ZachXBT flags 99.6% insider control of Memecore M

On-chain investigator ZachXBT posted that Memecore’s native token M displays patterns he ties to insider activity after Kraken listed M for spot trading on July 3, 2025. His analysis estimates about 99.6% insider control and traces roughly $7.9 million in withdrawals to Kraken deposit addresses.

ZachXBT traced the $7.9 million to 18 newly created addresses that together held 11.7 million M, which he valued at $39.8 million at the time. He identified transfers of 5.3 million M from a wallet he suspects belongs to the Memecore team to two Kraken deposit addresses on July 3.

Token supply figures show a gap between listed circulating supply and tokens unlocked for trading. CoinMarketCap and CoinGecko list about 1.29 billion M in circulation, while on-chain data indicates roughly 230 million M were unlocked and available for trading.

Kraken is one of few exchanges offering M spot trading. ZachXBT questioned the exchange’s due diligence, posting on X, “Why did Kraken list $M (Memecore) on July 3, 2025, for spot and how did it pass due diligence?”

ZachXBT compared the activity around M to an earlier token, RAVE, which he examined after its rapid price surge and collapse. He reported that addresses tied to RAVE’s initial distribution controlled a very large share of supply, and that the token’s price fell more than 95% in hours following the peak.

Exchanges publicly acknowledged the RAVE findings and some committed to investigate. A platform executive pledged $25,000 toward information; RaveDAO denied involvement. ZachXBT offered a $25,000 bounty for information leading to responsible parties.

He also flagged other tokens with unusual price action in recent weeks, including SIREN, MYX, COAI, PIPPIN and RIVER.

At the time of his latest post, M traded around $3.54 and the token’s reported market capitalization stood near $4.57 billion.