Onchain investigator ZachXBT has publicly challenged MemeCore to justify both its token valuation and supply distribution, raising fresh concerns about transparency in the wake of recent market turbulence.

Questions Over $6B Valuation

ZachXBT called on MemeCore to explain how its M token achieved a multibillion-dollar valuation.

At the time of scrutiny:

• CoinMarketCap valued the token at around $4.3 billion
• CoinGecko placed it closer to $6 billion

Despite the strong market cap, ZachXBT questioned whether there is any fundamental data supporting such a high valuation.

Insider Supply Concerns

A central issue raised was token concentration.

ZachXBT claimed that over 90% of the token supply may be held by insiders, asking the project to clarify:

• How supply is distributed
• What portion is actually circulating
• Whether large holders are team-controlled wallets

Blockchain analytics platform Bubblemaps showed significant concentration among top wallets, though analysts noted that some holdings could be allocated but not yet in active circulation.

No Definitive Proof Yet

While ZachXBT has not provided conclusive onchain evidence confirming the 90% insider claim, he has indicated that further investigation is underway.

MemeCore has not yet publicly responded to the allegations.

Scrutiny Follows RAVE Token Collapse

The investigation comes shortly after the dramatic سقوط of the RAVE token, which:

• Surged from $0.25 to nearly $28
• Then crashed more than 90% within days

ZachXBT previously alleged that RaveDAO may have orchestrated a pump-and-dump scheme, pointing to concentrated holdings and unusual exchange flows.

RaveDAO has denied these accusations, while exchanges including Binance and Bitget are reviewing the situation.

Wider Probe Into Suspicious Tokens

ZachXBT suggested that the issue may extend beyond a single project.

Other tokens flagged for questionable activity include:

• SIREN
• MYX
• COAI
• M (MemeCore)
• PIPPIN
• RIVER

He indicated that these projects may show similar patterns of rapid price increases followed by sharp declines.

Growing Focus on Transparency

The situation highlights ongoing concerns in the crypto market around:

• Token distribution transparency
• Insider control of supply
• Market manipulation risks

As new tokens continue to launch with high valuations, scrutiny from onchain analysts is becoming an increasingly important check on market behavior.

Michael Saylor’s company Strategy has made another massive Bitcoin purchase, pushing its total holdings past 800,000 BTC and reinforcing its position as the largest public holder of the asset.

Massive $2.5 Billion Bitcoin Purchase

Strategy acquired 34,164 Bitcoin for approximately $2.54 billion between April 13 and April 19, according to a recent SEC filing.

The purchase ranks as the company’s third-largest Bitcoin buy ever, highlighting its continued aggressive accumulation strategy.

The coins were bought at an average price of $74,395 per BTC, slightly below Strategy’s overall average purchase price.

Total Holdings Now Above 800K BTC

Following the latest acquisition, Strategy now holds:

• 815,061 BTC total
• Purchased for roughly $61.56 billion

This milestone comes just one week after the company revealed a separate $1 billion Bitcoin purchase, showing how rapidly it continues to scale its position.

Funded Largely Through STRC Offering

A significant portion of the latest purchase was funded through Strategy’s preferred stock offering:

• $2.18 billion (85.7%) came from STRC issuance
• $366 million came from selling Class A shares (MSTR)

The STRC program has become a core funding mechanism for Strategy’s Bitcoin accumulation strategy.

Record-Breaking Buying Activity

The company also set new internal records during the buying period.

On April 13 and 14 alone, Strategy executed massive purchases tied to its at-the-market (ATM) program:

• ~7,741 BTC in one day
• ~9,364 BTC the next day

Combined, these two days accounted for over 17,000 BTC, marking a sharp increase compared to previous weekly averages.

Saylor Teased the Move

Michael Saylor hinted at the purchase ahead of time with a cryptic “Think Even Bigger” post, a pattern he has used before major acquisition announcements.

Dividend Strategy to Boost Demand

Alongside its Bitcoin buying spree, Strategy is also exploring changes to its investor offering.

The company recently proposed semi-monthly dividend payments for its STRC preferred shares, aiming to:

• Stabilize share price
• Increase liquidity
• Attract more investor demand

If approved, Strategy would become one of the few companies globally to offer such frequent dividend payouts.

Strategy Doubles Down on Bitcoin Conviction

This latest purchase reinforces Strategy’s long-term bet on Bitcoin as a primary treasury asset.

Despite market volatility and unrealized losses in prior quarters, the company continues to accumulate aggressively, signaling strong confidence in Bitcoin’s future value.

Coinbase has launched crypto-backed loan services in the United Kingdom, allowing users to borrow USDC using digital assets like Bitcoin, Ether, and cbETH as collateral.

The move marks another step in Coinbase’s push to expand lending products globally as the UK develops its crypto regulatory framework.

Borrowing Against Crypto Holdings

The new service lets UK users access loans of up to $5 million in USDC, depending on the value of the collateral they provide.

Bitcoin-backed loans offer the highest borrowing limits, while Ether and Coinbase Wrapped Staked Ether can also be used.

Loans are issued through Morpho, a decentralized lending protocol operating on Coinbase’s Base network.

Flexible Terms With Market-Based Rates

Coinbase said interest rates are variable and determined by market conditions on Morpho.

There is no fixed repayment schedule, giving borrowers flexibility, but users must manage their loan-to-value ratios carefully.

If collateral values drop too much, positions may be liquidated to cover the loan.

Building on US Rollout

The UK launch builds on Coinbase’s earlier rollout of crypto-backed loans in the United States.

Since 2025, US users have been able to borrow up to $1 million in USDC using Ether as collateral, with similar lending mechanics.

The expansion reflects Coinbase’s broader strategy of integrating decentralized finance into its product offerings.

Launch Comes Amid Regulatory Developments

The timing aligns with ongoing regulatory progress in the UK.

The Financial Conduct Authority recently opened consultations on a comprehensive crypto framework expected to take effect in 2027.

Until then, the UK operates under partial regulation, mainly covering financial promotions and anti-money laundering requirements.

Expanding Coinbase’s UK Presence

The lending product adds to Coinbase’s growing suite of services in the UK.

The company secured FCA registration in 2025, allowing it to offer both crypto and fiat services to retail and institutional users.

Since then, it has introduced features such as decentralized exchange trading and crypto savings accounts in the region.

Bridging DeFi and Traditional Finance

Coinbase is also exploring broader use cases for crypto-backed lending.

Earlier this year, the company partnered with Better Home & Finance to allow borrowers to use Bitcoin or USDC as collateral for mortgage-related loans.

Growing Role of Onchain Finance

The UK launch highlights a larger trend of bringing traditional financial services onto blockchain infrastructure.

By enabling users to borrow against crypto assets without selling them, Coinbase is positioning itself at the intersection of DeFi and mainstream finance.