\n\t\t\t\t\t\t\t\t\tDespite the rally, many analysts opine that the token would eventually collapse to zero.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The cryptocurrency market has staged an evident rebound over the past 24 hours, with Bitcoin (BTC) rising by 4% and Solana (SOL) surging by 9%.<\/p>\n
MemeCore (M), though, has outperformed all top 100 digital assets by skyrocketing 80% in a single day. Following the rally, it has become the third-biggest meme coin and could soon overtake Shiba Inu (SHIB) if it maintains momentum.<\/p>\n
Is the Rally Sustainable?<\/h2>\n
The meme coin is currently worth around $1.50 and has a market capitalization of just under $2 billion, making it the 40th-largest cryptocurrency (according to CoinGecko). It is important to note that the major revival comes just days after M crashed<\/a> by 76% following allegations of manipulation.<\/p>\n Just hours ago, the team behind the meme coin addressed<\/a> the issue and informed that following \u201ca comprehensive internal and on-chain review,\u201d it has not found anything suspicious related to the matter.<\/p>\n \u201cOur review confirms: Perhaps this has become the primary catalyst driving M\u2019s price higher today (July 2). Despite the evident jump, many analysts remain skeptical of the token, warning investors to be extremely cautious.<\/p>\n X user Suf claimed<\/a> that the price climbed \u201cnot because of bullish buyers, but from the traders who shorted, being forced to buy.\u201d For his part, CryptoBuffett said<\/a> he will short M \u201cto infinity.\u201d<\/p>\n \u201cI will DCA all the way up to $3 and beyond. My whole reputation and net worth will go into shorting this manipulative team and coin to ZERO. It\u2019s worth ZERO; they want to rug you twice. If you\u2019re buying, you will be REKT,\u201d he added.<\/p>\n<\/blockquote>\n MemeCore\u2019s Relative Strength Index (RSI) also suggests the price might head south soon. The ratio has risen to 82, representing an extreme overbought condition, which is often a precursor of an impending pullback.<\/p>\n The token has been labeled a scam by numerous well-known analysts in recent months. In April, lockchain investigator ZachXBT openly questioned<\/a> MemeCore\u2019s valuation and token distribution, claiming that insiders control more than 90% of its supply.<\/p>\n\n
\u2013 No issues affecting the protocol or infrastructure.
\u2013 All core systems continue to operate normally.
\u2013 No token sales were conducted by the MemeCore Foundation.
\u2013 No unusual activity has been identified regarding the Foundation\u2019s treasury or project operations,\u201d the announcement reads.<\/p>\n<\/blockquote>\n\n
Additional Red Signals<\/h2>\n
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