ZachXBT: Kraken lists M token, suspected of being manipulated to a $60 billion market cap

Techub News reports that on-chain detective ZachXBT posted on platform X, stating that Kraken exchange listed the Memecore token M in July 2025, which is suspected to have been manipulated to a market cap of $6 billion. ZachXBT pointed out that approximately 11.7 million M tokens were withdrawn from Kraken to 18 newly created addresses via suspicious paths, and directly stated that the project's market cap has soared to $6 billion under insider manipulation (with a fully diluted valuation FDV as high as $18 billion). He emphasized that although the M token has entered the top 20 by market cap, the project has almost no actual output in terms of application. ZachXBT claimed that insiders control over 90% of the supply, and its price action is highly similar to recently crashed projects like RAVE.