MemeCore was launched in September 2025 as the first Layer 1 blockchain purpose-built for the meme coin economy. The founding team is not publicly identified in detail. The project attracted significant attention following listings on Kraken and Bitget. However, prominent on-chain investigator ZachXBT raised serious concerns in April 2026, alleging that insiders control more than 90% of the token supply, and questioned whether the project could justify its multi-billion dollar valuation. ZachXBT specifically challenged the team publicly: 'Provide a single data point to support your $6B market cap as a top-20 token.' These concerns are documented and unresolved as of May 2026.
MemeCore is an EVM-compatible Layer 1 blockchain using a novel Proof of Meme (PoM) consensus mechanism — a system designed to reward cultural and on-chain participation rather than just computational work. The chain launched mainnet on 9 September 2025. The MemeX no-code launchpad allows anyone to create tokens without programming knowledge. A hardfork in March 2026 introduced account abstraction for cheaper, smarter transactions. The vision is a 'Meme 2.0' economy where cultural contributions are economically rewarded on-chain. Ecosystem expansion plans target South Korea, Japan, and Singapore in 2026.
MemeCore has a circulating supply of approximately 1.3 billion M tokens against a maximum supply of 10 billion — meaning only 13% of total supply is currently circulating. The fully diluted valuation (FDV) at current prices exceeds $30 billion, approximately 7-8x the circulating market cap. This extreme FDV-to-market-cap ratio, combined with ZachXBT's insider supply allegations, represents the most serious tokenomics risk in any project reviewed on EnterCrypto. M peaked at approximately $4.84 in April 2026 and currently trades around $3.25.
MemeCore competes with Solana and BNB Chain for meme coin activity — both of which are far more established, liquid, and trusted platforms. The concept of a dedicated meme chain is novel, but whether builders and traders will choose MemeCore over Solana's existing low-cost, fast infrastructure is unproven. The project is growing, but most leading meme coin launches in 2025-2026 continued on Solana.
The most critical red flag is ZachXBT's documented allegation that insiders control more than 90% of the total supply. On MemeCore's Kraken listing day in July 2025, approximately $7.9 million worth of M was withdrawn to 18 newly created addresses, and a wallet believed to be tied to the team deposited 5.3 million additional tokens directly onto the exchange. These patterns are consistent with coordinated supply control rather than organic distribution. The FDV exceeds $30 billion against a circulating market cap of approximately $4 billion — implying that 87% of future supply has not yet entered the market. MemeCore is also less than one year old, with no significant track record.
MemeCore becomes the dominant chain for meme coin launches as creators choose its purpose-built infrastructure over Solana, the Proof of Meme consensus creates genuine new economic models that attract sustained developer activity, or South Korean and Asian market expansion drives significant real user adoption.
ZachXBT's insider supply allegations are confirmed, leading to exchange delistings and investor confidence collapse; the large non-circulating supply is released into the market creating sustained selling pressure; or meme coin activity remains on Solana and BNB Chain leaving MemeCore's ecosystem underdeveloped.
We would become more positive if: the team publishes a transparent token distribution report addressing ZachXBT's allegations, the FDV-to-circulating-market-cap ratio normalises significantly, or genuine developer adoption (not launchpad speculation) builds on the MemeCore chain. We would become more cautious if: further supply manipulation evidence emerges, exchange delistings occur, or on-chain data confirms the insider concentration allegations.
MemeCore is one of the most controversial projects in the current top 30. Its Meme 2.0 concept is creative and the community is active, but ZachXBT's documented insider supply allegations, the extreme FDV-to-circulating-market-cap ratio, and the very short track record make this one of the highest-risk holdings in the market. If the insider allegations are correct, the project structure could collapse rapidly when insiders exit. Approach with extreme caution and only with amounts you can afford to lose entirely.
Critical warning: On-chain investigator ZachXBT publicly alleged in April 2026 that insiders control more than 90% of MemeCore's supply and questioned the legitimacy of its market cap ranking. These allegations are documented and unresolved. Irish investors should exercise extreme caution. If considering any position, treat it as pure high-risk speculation with a very small allocation only.