Pseudonymous blockchain investigator, ZachXBT, has taken a jab at MemeCore [M], a Layer 1 blockchain built for Meme 2.0.
In a recent reply to a MemeCore X post, ZachXBT urged the L1 blockchain to provide datasets to back their $6 billion market cap.
The investigator also questioned its ranking in the top 20 tokens by market cap and how investors are holding more than 90% of the supply.
How did this allegation start in the first place?
So, for the background, Grayscale on the 2nd of April had ranked the top 20 tokens by market cap from 2018 to 2026. In this list, alongside big tokens like Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and many more, MemeCore was also included.
Celebrating this milestone, MemeCore had taken to X on the 20th of April and noted,
Officially recognized on @Grayscale! We’re just getting started.
Soon after this, ZachXBT slammed MemeCore and added,
Officially recognized on @ZachXBT! We’re just getting started.
RaveDAO played an equal contribution
Further in the post, the investigator attached screenshots of why he believes otherwise. For those unaware, RaveDAO [RAVE] has been in the news for days now thanks to its extreme price volatility.
Even at press time, the token was seeing extreme price swings as it had surged by 216.9% in the past 24 hours, changing hands at $1.71. So, while analyzing RAVE, ZachXBT had also shed light on other tokens with ‘highly questionable price action.’
In that list, MemeCore [M] was also there. This was further confirmed by M surging by over 27% in the past week. However, in the past 24 hours, the token witnessed a modest hike of 1.85%, trading at $3.54.
However, since the end of November 2025, M’s price was caught up in a sideways consolidation, but by the end of March, the memecoin had broken out of that phase.
In fact, in the first month of Q2 2026, M was able to hit new daily highs, and in mid-April, it finally broke the $3 resistance and reached $4.6.
The crypto community is divided
Echoing similar sentiments like ZachXBT, an X user noted,
However, not everyone shared the same view, as another X user highlighted that MemeCore doesn’t just rely on price actions. The user believes that various offline events and campaigns like AntsMaker and MemeX are keeping holders engaged.
Remarking on the same, he said,
That doesn’t automatically justify everything, but it also means this isn’t just an empty narrative with zero activity behind it.
Should one trust Grayscale’s ranking?
In conclusion, amidst a mix of sentiments and chatter, a question arises: Is Garyscale’s token ranking reliable? Well, given that on CoinMarketCap, $M ranks 21, and on CoinGecko, $M ranks 19, nothing can be said as of now.
This is also because volatility plays a big role in price actions, in turn, maneuvering the token’s market cap and its ranking.
Thus, unless MemeCore presents a full background of its growth so far, it’s difficult to conclude who’s right in this debate.
Final Summary
- MemeCore ranking in the top 20 tokens by market cap is raising eyebrows thanks to the ongoing RaveDAO price volatility.
- The crypto community is divided, with some echoing MemeCore while some echo ZachXBT’s sentiment.
