Pseudonymous blockchain researcher ZachXBT has made a joke at MemeCore [M]a Layer 1 blockchain built for Meme 2.0.
In a recent reply to a MemeCore
The researcher also questioned its ranking in the top 20 tokens by market capitalization and how investors control more than 90% of the supply.
How did this accusation even start?
So as background, on April 2, Grayscale ranked the top 20 tokens by market cap from 2018 to 2026. This list includes major tokens like Bitcoin [BTC]Ethereum [ETH]Solana [SOL]and much more, MemeCore was also included.
To celebrate this milestone, MemeCore took to X on April 20 and noted:
Officially recognized on @Grayscale! We’re just getting started.
Shortly afterwards, ZachXBT hit MemeCore and added,
Officially recognized on @ZachXBT! We’re just getting started.
RaveDAO made an equal contribution
Later in the post, the researcher included screenshots of why he believes differently. For those who don’t know, RaveDAO [RAVE] has been in the news for days thanks to the extreme price volatility.
Even at the time of writing, the token was experiencing extreme price swings as it was up 216.9% in the last 24 hours, changing hands at $1.71. So while analyzing RAVE, ZachXBT had also shed light on other tokens with “highly questionable price action.”
MemeCore is in that list [M] was there too. This was further confirmed by the fact that M rose by more than 27% last week. However, in the last 24 hours, the token witnessed a modest increase of 1.85%, trading at $3.54.
However, since the end of November 2025, the price of M has been in a sideways consolidation, but by the end of March the memecoin had broken out of that phase.
In the first month of the second quarter of 2026, M was even able to reach 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 as ZachXBT, an X user commented:
However, not everyone shared the same opinion as another X user marked that MemeCore is not solely dependent on price promotions. The user believes that various offline events and campaigns such as AntsMaker and MemeX keep the holders engaged.
Making the same comment about this, he said:
That doesn’t automatically justify everything, but it also means that this isn’t just an empty story with no activity behind it.
Should you trust Grayscale’s ranking?
In conclusion, amidst a mix of sentiments and chatter, a question arises: is Garyscale’s token ranking reliable? Considering that on CoinMarketCap $M is ranked 21st, and on CoinGecko $M is ranked 19th, nothing can be said at this time.
This is also because volatility plays a major role in price action, manipulating the market capitalization and ranking of the token.
So unless MemeCore presents a full background of its growth to date, it is difficult to conclude who is right in this debate.
Final summary
- MemeCore’s ranking among the top 20 tokens by market cap is raising eyebrows thanks to continued RaveDAO price volatility.
- The crypto community is divided, with some mirroring MemeCore, while others echo ZachXBT’s sentiment.