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.

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.

Poland’s parliament has once again failed to overturn a presidential veto blocking a major crypto regulation bill, prolonging uncertainty around the country’s approach to digital assets.

The latest vote highlights an ongoing political deadlock between lawmakers and the president over how crypto should be regulated.

Parliament Falls Short of Required Votes

In Friday’s vote, lawmakers did not reach the 263 votes needed to override President Karol Nawrocki’s veto.

A total of 243 members voted against the veto, while 191 supported overturning it, leaving the bill stalled once again.

This marks the second failed attempt to push the legislation through despite government backing.

Bill Aims to Align With EU Rules

The proposed law, supported by Prime Minister Donald Tusk, is designed to bring Poland in line with the European Union’s Markets in Crypto-Assets framework.

Introduced in 2024, MiCA sets out rules for crypto issuance, custody, and market oversight across the EU.

Poland is currently the only EU member state yet to implement the framework.

President Raises Concerns

President Nawrocki has defended his veto, citing concerns about overregulation, lack of transparency, and the potential burden on smaller businesses.

He has repeatedly rejected the bill, arguing that passing the same legislation again does not address its underlying flaws.

Government Warns of Risks Without Regulation

Government officials have warned that the absence of clear crypto rules could leave investors exposed.

Finance Minister Andrzej Domański reportedly said the current situation risks turning the market into an “El Dorado for fraudsters,” emphasizing the need for stronger protections.

Ongoing Legislative Standoff

The political impasse dates back months.

After an initial failure in December, lawmakers quickly reintroduced a revised version of the bill, though critics argued it was largely unchanged.

The president vetoed the updated version again in February, reinforcing his opposition.

Crypto Industry Caught in the Middle

The debate has also drawn in Poland’s crypto sector.

Zonda, the country’s largest crypto exchange, has reportedly opposed the bill, adding another layer of tension to the situation.

The exchange has denied political allegations and pushed back against claims linking it to illicit activity.

Regulatory Uncertainty Continues

With no resolution in sight, Poland remains without a clear regulatory framework for crypto.

The ongoing standoff leaves businesses and investors operating in a legal gray area, while the rest of the EU moves ahead under unified rules.

Until a compromise is reached, Poland’s crypto market is likely to face continued uncertainty.