- Despite the recent controversy, the MemeCore (M) token has witnessed a spike of around 15% on a daily chart, soaring its value to $4.14.
- Recently, ZachXBT raised concerns about Kraken’s decision to list Memecore’s M token for spot trading by raising questions about the project’s market capitalization and token distribution.
- In a month, MemeCore has soared around 150%, increasing its odds of breaking a major psychological level if momentum continues.
On April 21, the Memecore (M) token price took a jump of 15% in the latest intraday session despite the latest allegations from an on-chain investigator of insider trading on the leading cryptocurrency exchange, Kraken.
Memecore (M) is currently trading at around $4.14 with a spike of 17%, according to CoinMarketCap. The cryptocurrency holds a market capitalization of around $5.31 billion, and the daily trading volume revolves around $23.72 million.
Memecore Nears Psychological Level After 150% Gain in a Month
The token is preparing for a potential bullish momentum, according to the current price chart on TradingView. This is not the first time that the MemeCoreM-0.69% price has witnessed such a spike, as the cryptocurrency soared by around 150% in the last 30 days.
There is a smart money concept structure forming on the 4-hour chart. According to technical analysis, smart money has successfully cleared the internal liquidity. This is now preparing to move towards the weak high at $4.60. At the same time, the macro trend is suggesting a bullish momentum.
Apart from this, a demand zone rebound has been confirmed by the recent price movement. If this momentum continues, it could head towards a major psychological level of $5, which traders are looking at as a major resistance level.
Amid the bullish sentiment in the cryptocurrency market, the price surge in MemeCore happened right after a sharp drop the day after, on-chain sleuth ZachXBT raised serious questions about the project’s market capitalization and token distribution. Many traders who opened short positions at lower levels have faced liquidations when the price started to climb in the chart.
This short squeeze in the MemeCore token price has created additional buying pressure. This helped the cryptocurrency to recover from the previous drops.
According to the technical analysis, the token is following a continuation pattern on the daily chart that has taken place after the hard fork in the last month. The price is currently sitting inside a rising channel and recently bounced from the $3.23 support zone before climbing higher.
The 14-day relative strength index is sitting at around 68. This indicator suggests that the M token is in a neutral to bullish trend without entering into overbought territory. Also, there are still chances of small gains.
The 10-day exponential moving average is revolving around $3.85 as a dynamic support. The price is trading above the 50-period simple moving average around $3.70 and the 200-period simple moving average around $2.80. These moving averages are also confirming a medium-term bullish trend.
At present, the cryptocurrency might face strong resistance at around $4.34 to $4.50. If the cryptocurrency manages to break above this level, it could open the door toward the psychological level at around $5.0.
Despite the recent controversies, the Memecore ecosystem is expected to add major features to expand its ecosystem as a layer 1 blockchain built for Meme 2.0. The official launch of MemeMax, the first perpetual decentralized exchange built inside the ecosystem, went live recently. It comes with new tools for leveraged memecoin trading.
On April 20, ZachXBT raised serious questions about Kraken’s decision to list Memecore’s M token for spot trading on July 3, 2025.
He mentioned that $7.9 million worth of M tokens were withdrawn from Kraken to 18 newly created addresses, which now hold 11.7 million M tokens. The cumulative value of this holding is around $39.8 million. ZachXBT has also mentioned a suspected team wallet deposited 5.3 million M tokens to Kraken on the exact listing day. He allegedly stated that insiders have manipulated the price to reach a $6 billion market cap.
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