Today’s Memecore incident is a stark reminder that leverage works both ways, and this time, longs were squeezed hard.
Memecore’s M token suffered a brutal collapse as a result in the past 24-hours, falling from nearly $3.0 and slicing through major support zones at $2.50, $1.90, and $1.24 as if they weren’t there in the first place. Today’s move resembled a falling knife; maybe this time it wasn’t a knife but a heavy sword that sliced in one shot.
At one point, the token touched $0.50, a level last seen in August 2025. It quickly recovered to $0.90, but the fall is still too great for it to recover completely.
For anyone still holding onto the “buy the dip” playbook, the market in memecore has different plans for them.
Leverage Unwind Hit Traders Hard Today
The derivatives market tells the story better than the price chart ever could. Total liquidations climbed to $9.27 million during the selloff, with long positions accounting for $8.26 million of the damage.
Meanwhile, derivatives trading volume exploded 1252% to $354.02 Million while open interest plunged 71.47%, suggesting traders weren’t opening fresh bets; they were abandoning existing ones. That’s not speculation but an evacuation happening.
Supply Concerns Fuel Market Panic Further
The crash accelerated after reports circulated claiming that roughly 99% of the token supply was controlled by insiders, leaving only a small public float available for trading.
According to those reports, the token once reached a fully diluted valuation of $34.5 billion despite having only around $100,000 of on-chain liquidity while still maintaining a market capitalization near $900 million.
In markets like that, liquidity matters more than narratives.
Memecore Price Faces Critical Recovery Test
Despite recovering from the intraday low, Memecore remains far below previous support levels that have now become resistance.
The sharp rise in short pressure and forced liquidations has left traders wondering whether today’s rebound marks stabilization or simply a pause after one of the most violent deleveraging events the token has experienced so far.
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