The MemeCore (CRYPTO: M) cryptocurrency plunged this week, according to data from S&P Global Market Intelligence. From last Friday's market close to 11 a.m. ET on June 26, the meme coin platform lost 70.8% of its total market value. After the plunge, MemeCore's market cap stands at $1.1 billion.
The price fell from $3 to $0.50 per token between 8:30 p.m. ET and 9:00 p.m. ET on Wednesday evening, highlighting the risks of thinly traded ***** ets with limited liquidity.
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Crypto ***** ysts called MemeCore a risky cryptocurrency before this sudden crash.
Most of the supply is held by a handful of insiders. The token was added to major crypto exchanges such as Kraken despite a history of suspicious insider trading. And, of course, it's hard to trust a cryptocurrency specifically designed to mint valueless meme coins. The market cap sat near $3 billion at the start of this week, but trading volume was low.