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MemeCore is valued at $4.6 billion as of April 28, according to CoinGecko, placing a project that calls itself the first Layer 1 blockchain for meme coins ahead of Avalanche, Hedera, and Sui in market rankings. The fully diluted valuation was $19 billion.
CoinGecko shows no GitHub activity for MemeCore – no repositories, no commits, no contributors in the past four weeks. On April 20, pseudonymous blockchain investigator ZachXBT said insiders control more than 90% of the M token supply. ZachXBT also asked why Kraken, which listed M for spot trading on July 3, 2025, let the project through due diligence.
Key Takeaways
- According to CoinGecko, MemeCore holds the 22nd-largest market cap at $4.6 billion, with a fully diluted valuation of $19 billion. The project has no GitHub activity whatsoever – no repositories, commits, or contributors on record.
- ZachXBT’s analysis found $7.9 million in suspicious Kraken withdrawals routed to 18 newly created wallets worth $39.8 million in M tokens. The investigator estimates insiders hold more than 90% of supply; MemeCore’s own documents claim 58% goes to the community.
- Four tokens with 20-25% circulating supply and FDV gaps above 4x have traded on major exchanges in 2026. RaveDAO plunged 96% within 18 hours after ZachXBT exposed a similar insider structure.
MemeCore has no public GitHub activity despite a $4.6 billion valuation
Circulating supply of 1.30 billion accounts for 13% of MemeCore’s 10 billion maximum cap. When the token hit its all-time high of $4.82 on April 24, a peak price that gave a fully diluted valuation of $35 billion on some aggregators, CoinGecko calculated the figure at $19 billion using the 5.36 billion total supply rather than the maximum.
MemeCore does not maintain any public GitHub repository. By contrast, Avalanche recorded 50 commits from 75 contributors over the same four-week period, according to CoinGecko, with 2,100 stars on its codebase.
Sui reported 219 commits, 218 contributors, and 5,403 GitHub stars. Cardano reported 3,757 stars and 1,706 merged pull requests from 80 contributors. MemeCore had zero entries in all categories.
MemeCore builds on go-ethereum to implement “Proof of Meme,” a hybrid of Proof-of-Authority and delegated Proof-of-Stake that operates with seven active validators. Each must stake 7 million M tokens – a seat that costs $24.7 million at the April 28 price of $3.53.
The consensus timeline remains uncertain. The project’s official Proof of Meme documentation page still shows a “Coming Soon” label.
Zach Rynes, community liaison at Chainlink Labs, said tokens with concentrated ownership and limited code transparency fit a pattern he called “predatory tokenomics.” Rynes applied the same label to RaveDAO before RAVE collapsed 96% on April 19.
ZachXBT traces $7.9 million in suspicious Kraken withdrawals
On April 20, ZachXBT posted that insiders “have manipulated the price to $6 billion market cap ($18 billion FDV).” The investigator traced $7.9 million in Kraken withdrawals to 18 newly created wallet addresses holding 11.7 million M tokens worth $39.8 million.
ZachXBT asked why Kraken listed M for spot trading on July 3, 2025 and whether it passed due diligence; Kraken has not issued a public response.
MemeCore’s allocation document lists 58% for community initiatives, 15% for a foundation, 13% for core contributors, and 12% for investors, with the remaining 2% in a “meme treasury.” On-chain analysis by ZachXBT estimates insider control above 90%. One independent estimate put the figure at 99.6%, though ZachXBT has not published the full methodology behind the higher number.
The team did not directly reply to ZachXBT’s claims. According to ZachXBT’s timeline, MemeCore launched a “$100,000 prize pool” community giveaway on the same day. Supporters on social media called the critique “selective FUD” that gave the project free marketing.
MemeCore completed an Account Abstraction hard fork on March 25, 2026, which confirmed some continued development. The source code for that upgrade – and for the underlying blockchain – is still not available for independent review.
Four low-float tokens followed the same pattern in 2026
According to ZachXBT, insiders who controlled 90% of RaveDAO’s 1 billion token supply through three Gnosis Safe multisig wallets triggered a 96% crash from $27.88 to $1.13 in 18 hours on April 19. RaveDAO had traded with 24% of its supply in circulation and a FDV gap of 4.2x. The collapse wiped $6.6 billion in market value.
MemeCore currently trades at 24.2% of its total supply. The FDV gap of 4.14x aligns with RaveDAO’s pre-crash ratio; however, MemeCore operates an actual blockchain with a block explorer, whereas RaveDAO issued tokens on existing infrastructure without its own chain.
Katana stated it did not receive venture capital funding. Polygon Labs and GSR held governance multisig control covering 74.7% of the supply, producing a 4.3x FDV gap. CHIP reached $700 million in trading volume on launch while its market cap was $157 million, with 80% of tokens locked.
A Binance Research report projected $155 billion in token unlocks through 2030. CoinGecko showed 71% negative community sentiment for MemeCore as of April 28, a reading in the same range that preceded the RaveDAO crash.
Watch these two signs in the next 30 days
ZachXBT has committed to further analysis of MemeCore’s wallet structure following the RAVE findings. Mapping the foundation and contributor wallets on-chain – the way ZachXBT exposed RAVE’s Gnosis Safe wallets – would test whether MemeCore’s 58% community allocation holds up.
A public token migration or restaking announcement and its proposed timelines would also clarify what happens to the locked 75.8% of supply. The shift from seven Proof-of-Authority validators to the full Proof of Meme system has no public schedule.
MemeCore matches the profile of other low-float tokens flagged in 2026, Rynes said. If ZachXBT confirms a 90% insider allocation and the FDV gap stays above 4x, the setup would replicate RaveDAO’s 96% crash on April 19 – an outcome that erased $6.6 billion in 18 hours.
TokenEcho has documented four low-float token structures in 2026 – RaveDAO, Katana, CHIP, and now MemeCore.
This is not financial advice. Do your own research. Data as of April 28, 2026.
Sources:
MemeCore (M) developer and market data – CoinGecko
ZachXBT investigation – blockchain.news (April 20, 2026)
ZachXBT Kraken analysis – CryptoTimes (April 20, 2026)
MemeCore documentation – docs.memecore.com
Avalanche, Sui, Cardano developer data – CoinGecko
Token unlock projections – Binance Research
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