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.

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.

Prediction market platform Polymarket is reportedly seeking to raise $400 million in new funding, potentially valuing the company at $15 billion, according to sources familiar with the matter.

The move highlights growing institutional interest in the rapidly expanding prediction markets sector.

Fresh Capital to Fuel Growth

The reported funding round would add to a recent influx of capital into Polymarket.

In late March, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested $600 million into the platform.

Polymarket is now looking to bring in additional strategic investors, with the total raise potentially reaching as much as $1 billion.

Competition Heats Up

Despite the sizable valuation, Polymarket would still trail competitor Kalshi, which was valued at around $22 billion in its most recent funding round.

The rivalry reflects increasing competition as traditional financial firms move into the prediction market space.

Rapid Growth in Trading Volume

Prediction markets have seen explosive growth since the 2024 US election cycle.

Platforms like Polymarket and Kalshi are now regularly recording more than $10 billion in monthly trading volume, covering a wide range of topics including politics, sports, finance, and cultural events.

This surge in activity has attracted attention from major Wall Street players.

Traditional Finance Moves In

Several established financial institutions are exploring opportunities in prediction markets.

Nasdaq has already filed to introduce binary-style contracts tied to the Nasdaq-100 index, while Cboe Global Markets is preparing its own offering.

Meanwhile, CME Group has partnered with FanDuel to expand into event-based trading beyond traditional financial instruments.

Firms like Charles Schwab and Citadel Securities are also reportedly considering entering the space.

Regulatory Challenges Persist

Despite the momentum, prediction markets continue to face legal and regulatory hurdles.

Kalshi is currently involved in a legal dispute with the Nevada Gaming Control Board, which argues that its contracts resemble unlicensed gambling.

The outcome of this case could have broader implications for how prediction markets are regulated in the United States, with some experts suggesting it could reach the Supreme Court.

A Growing Financial Frontier

Polymarket’s fundraising efforts come at a time when prediction markets are evolving into a new financial frontier.

As institutional interest accelerates and platforms expand their offerings, the sector is increasingly blurring the lines between trading, forecasting, and gambling.