ZachXBT Flags Insider Manipulation Behind Memecore $M After RAVE Collapse

On April 20, on-chain investigator ZachXBT said Memecore’s token $M is drawing “RAVE-style” scrutiny after it spotted patterns consistent with insider manipulation across centralized exchanges. For $M, the article cites: roughly $6B market cap, about $35.5B FDV, and only ~$66M in trading volume—while insiders are alleged to control up to ~99.6% of supply. ZachXBT also questioned Kraken’s decision to list $M for spot trading on July 3, 2025, asking how it “passed due diligence.” He traced ~$7.9M in suspicious withdrawals to 18 newly created addresses holding ~11.7M $M (worth ~$39.8M), and noted a Memecore team wallet allegedly sent ~5.3M $M to two Kraken deposit addresses on the same day. At publication time, $M traded near $3.54 (down slightly), with market cap around $4.57B. ZachXBT’s comparison is the earlier RaveDAO/RAVE collapse. He described how RAVE rallied from about $0.25 to nearly $28 after a December 2025 launch on Binance Alpha, then fell over 95% within hours. The article attributes the crash to concentrated early distribution (around 95% controlled by addresses at launch, plus additional suspected insider holdings on venues). The post argues the pattern is not isolated, listing other tokens with questionable price action: SIREN, MYX, COAI, PIPPIN, and RIVER. ZachXBT reportedly offered a $25,000 bounty and urged exchanges’ compliance teams to act sooner, warning that delayed intervention shifts losses onto retail traders while venues collect fees. For traders, the key theme is insider manipulation: watch liquidity, concentration, and exchange listing narratives for fast downside risk.