Memecore’s (M) price has skyrocketed today, days after a 75% crash. The coin is currently topping the charts, registering a 84.8% rally in the daily charts and 93.4% in the weekly charts, according to CoinGecko. Let’s discuss if Memecore’s (M) price rally is genuine or if it is a case of market manipulation.
Is Memecore’s Price Rally Genuine?
Memecore (M) had a massive price crash in later June. The coin’s price fell by nearly 75% within hours, wiping out billions from its FDV (Fully Diluted Valuation). According to reports, the project’s FDV fell from $14 billion to $3.8 billion. After the crash, prominent crypto sleuth ZachXBT targeted the project, accusing them of market manipulation. ZachXBT claims that insiders hold more than 90% of Memecore’s (M) supply. ZachXBT also questioned exchanges like Kraken as to why they listed the coin and how the project passed their due diligence test. He has also said that a large number of retail investors have lost money due to insider manipulation.
Given the cloud of doubt over Memecore (M), it is unclear if the current rally is genuine or fueled by insider trading. There is also a possibility that retail players took advantage of the recent price dip. However, there is no clear answer as to why the coin is rallying.
Also Read: Shiba Inu Down 95% From Peak: Will It Dip Any Lower?
Chances are quite high that Memecoin (M) will face a correction soon. The larger market environment is still quite bearish and volatility is high. Bitcoin (BTC) is struggling to break past the $60,000 level and the larger market is unlikely to bypass BTC’s trjectory. There are high chances of an interest rate hike later this year, which could pose further challenges to the crypto market. High-risk assets, especially those engulfed in controversy like Memecore (M), may face massive liquidations.
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