ZachXBT Flags Holder Concentration Concerns Tied to MemeCore
Cointelegraph
Onchain investigator ZachXBT has challenged MemeCore to justify its $6 billion valuation and the concentration of its token supply among insiders.Summary
Onchain investigator ZachXBT has publicly questioned the project MemeCore regarding its valuation and token distribution. ZachXBT challenged the team to provide evidence supporting a $6 billion market capitalization, highlighting concerns that over 90% of the M token supply is allegedly held by insiders. Data from Bubblemaps confirms significant concentration, though analysts suggest this may reflect team holdings that are not yet in circulation. This inquiry follows ZachXBT's recent investigation into RaveDAO, which saw a massive price collapse, leading him to scrutinize several other projects for potential market manipulation.
(Source：Cointelegraph)