Meme Coin Surges 80%, Challenges Shiba Inu

Meme Coin Surges 80% in a Day, Challenging Shiba Inu’s Dominance

The cryptocurrency market has seen a notable rebound in the past 24 hours, with Bitcoin (BTC) gaining 4% and Solana (SOL) climbing 9%. However, MemeCore (M) has dramatically outperformed all top 100 digital assets, skyrocketing 80% in a single day. This surge has propelled it to become the third-largest meme coin, with the potential to soon surpass Shiba Inu (SHIB) if its momentum continues.

Currently valued at approximately $1.50, MemeCore boasts a market capitalization just under $2 billion, positioning it as the 40th-largest cryptocurrency according to CoinGecko. This significant revival comes just days after M experienced a 76% crash, following allegations of market manipulation.

MemeCore Team Addresses Manipulation Claims

In response to the allegations, the team behind MemeCore issued a statement hours ago, announcing the completion of a “comprehensive internal and on-chain review.” The review, they stated, found no suspicious activity related to the manipulation claims.

“Our review confirms: – No issues affecting the protocol or infrastructure. – All core systems continue to operate normally. – No token sales were conducted by the MemeCore Foundation. – No unusual activity has been identified regarding the Foundation’s treasury or project operations,” the announcement read.

This clarification may have served as the primary catalyst for M’s price increase on July 2. Despite the sharp rise, many analysts remain wary, advising investors to exercise extreme caution.

Skepticism and Warnings Persist

Concerns about the token’s trajectory are widespread. One X user, Suf, suggested the price climb was driven by short-sellers being “forced to buy” rather than genuine bullish interest. Another user, CryptoBuffett, declared an intention to short M “to infinity,” stating, “My whole reputation and net worth will go into shorting this manipulative team and coin to ZERO. It’s worth ZERO; they want to rug you twice. If you’re buying, you will be REKT.”

Further fueling skepticism, MemeCore’s Relative Strength Index (RSI) has climbed to 82, indicating an extremely overbought condition, which often precedes a price pullback.

In recent months, numerous prominent analysts have labeled MemeCore as a scam. In April, blockchain investigator ZachXBT publicly questioned the coin’s valuation and token distribution, alleging that insiders control over 90% of its supply.