On-chain analyst ZachXBT has raised concerns about Kraken's decision to list M (Memecore) for spot trading, citing suspicious financial activity. According to ZachXBT, $7.9 million in questionable funds were withdrawn from Kraken to 18 newly created addresses, which now collectively hold 11.7 million M tokens, valued at $39.8 million. The price of M has been manipulated to reach a $6 billion market cap, with a fully diluted valuation of $18 billion. Kraken is among the few platforms offering spot trading for M, despite these concerns. The Memecore team recently highlighted two achievements: a total trading volume of $66 million on its Launchpad and thousands of users acquired through its InfoFi campaign. However, these developments have not alleviated the skepticism surrounding the token's market activities.
ZachXBT Raises Concerns Over Kraken's Listing of Memecore Amid Suspicious Activity
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