PANews June 27 news, according to CoinDesk, the MemeCore ecosystem token M recently experienced a sharp decline, with its market value evaporating nearly $3 billion in a single day. The project has not yet publicly responded to the token’s crash, sparking community discontent. "On-chain detective" ZachXBT had previously raised doubts, arguing that M token’s high valuation may have been driven by insider funds, its spot trading is mainly concentrated on a few trading platforms, and its market heat partly comes from the token launch platform’s trading volume and social media promotion campaigns pushed by incentive mechanisms. Market analysis suggests that when the supply of such high-valuation tokens is concentrated among insiders, trading channels are limited, and actual buying demand is weak, they may face rapid declines due to insufficient liquidity under selling pressure.