ZachXBT Questions Kraken's $M Listing & Allegations
The inquiry by on-chain investigator ZachXBT follows allegations of insider manipulation surrounding the Memecore ($M) token. ZachXBT alleged that over 90% of the token's $5-6 billion supply is held by insiders, a concentration that inherently raises concerns about market integrity and potential manipulation. The on-chain data supporting these claims was reportedly observed on the BNB Chain. Beyond Kraken, the $M token is also listed on Binance, Bitget, Gate, and HTX_Global. As of reporting, no specific response from Kraken regarding these direct allegations has been publicly reported.
ZachXBT's On-Chain Investigation History
This scrutiny is evident in past investigations, such as the $RAVE token, where ZachXBT flagged potential insider manipulation linked to abnormal supply concentration. Following this, $RAVE experienced a precipitous decline of 98% in two days, erasing approximately $6.7 billion in value.
Community Response to $M Allegations
Community reactions to the $M allegations were varied. Social sentiment analysis showed 55% of discussions supporting ZachXBT's scrutiny of exchange listings and token distributions, echoing calls for transparency. Conversely, 45% of users voiced negative sentiment towards ZachXBT, questioning his investigation targets or the claims' validity.