[Digital Today reporter Jinju Hong] On-chain investigator JackXBT has publicly raised concerns about insider concentration and exchange listing reviews targeting Memecore's M token.

On April 20 local time, blockchain outlet Cointelegraph reported that JackXBT commented on a Kraken post, demanding that the exchange disclose why it listed the M token and what review it underwent. The remarks came shortly after Kraken said it supported Operation Atlantic, a joint effort by the U.S. Secret Service (USSS), the UK's National Crime Agency (NCA) and Canadian authorities.

The challenge comes amid the recent collapse of the RAVE token. JackXBT described the case as insider manipulation across multiple centralised exchanges and has offered a $25,000 bounty for related tips.

Memecore introduces itself as a layer-1 blockchain for a 'meme 2.0 economy'. The M token at one point recorded a market capitalisation of about $6 billion and a fully diluted value (FDV) of about $35.5 billion, reaching the upper ranks on major price-tracking sites. JackXBT said the basis for that valuation is weak.

He said data should be presented to support a top-20 token and that there should also be an explanation for why insiders hold more than 90 percent of the supply. On-chain analysis has also raised suspicions that the share under insider control could be about 99 percent.

Trading scale and circulation structure have also come under scrutiny. JackXBT said the app's total trading volume is only $66 million while the market capitalisation is $6 billion, highlighting the gap. The disclosed circulating supply is about 1.29 billion tokens, but the actually unlocked amount is said to be about 230 million.

He also disclosed fund flows linked to Kraken. JackXBT said withdrawals worth about $7.9 million moved to 18 newly created addresses, and that those addresses held 11.7 million M tokens. He also claimed an address suspected to be a Memecore team wallet sent 5.3 million tokens in July 2025 to a Kraken deposit address. Kraken is one of the main exchanges supporting spot trading in the M token, and the listing decision itself has become the focus of the dispute.

The M token was recently about $3.54, slightly down from 24 hours earlier, and its market capitalisation has fallen to about $4.5 billion. Price moves have been limited, but the dispute is spreading to the token's valuation structure and circulation transparency.

That is also why JackXBT mentioned Memecore alongside RAVE. The RAVE token surged from $0.25 to $28 shortly after listing in late 2025, then plunged by more than 95 percent within hours. Analysis said most of the initial supply was concentrated in certain addresses and that the share for individual investors was extremely limited.

JackXBT said a market capitalisation of $6 billion vanished on liquidations of just $52 million, and said such a structure is artificial and not sustainable. Some exchanges acknowledged the need for an investigation, and the project involved denied allegations of involvement.

He said he does not view these issues as isolated cases. He criticised what he called the low likelihood that exchange compliance teams were unaware of such anomalies, and said the longer intervention is delayed, the more individual investors bear losses while platforms only earn fees. He also cited other projects he said were suspicious, including SIREN, MYX, ChainOperaAI (COAI), PIPPIN and RIVER.

The dispute is spreading beyond a single token to listing review standards at centralised exchanges, disclosures of actual circulating supply and verification of insider holdings. Further disclosures by JackXBT and whether exchanges respond are expected to be key variables going forward.