Token M Surges 150% Following $10M Treasury Buyback After June Crash

MemeCore's native token M has recovered nearly 150% from its June 25 low, trading at $1.66 after the project's treasury executed a buyback program exceeding $10 million. The rebound follows a 76% single-day collapse that briefly pushed the token to $0.50 and wiped out roughly $2.6 billion in market capitalization.

Crash Erased Over $2.5 Billion in Market Cap

On June 25, M dropped from $2.66 to an intraday low of $0.50, sending its market cap from approximately $3.5 billion down to $903 million. No confirmed external catalyst for the selloff has been identified. The team subsequently issued a statement attributing the crash to a single large market sell order, citing an internal investigation that found no protocol or infrastructure issues. The team also denied any selling by team members or the foundation. That explanation has not been independently verified.

Onchain investigator ZachXBT connected the collapse to structural vulnerabilities he had flagged months prior, specifically citing less than $100,000 in onchain liquidity on BNB Chain relative to a market cap near $900 million. In a Telegram post, he stated: «Myself, Mlm, & Wazz previously highlighted a number of red flags on X about MemeCore with inorganic supply concentration and deceptive practices by its team to boost user numbers.»

Trader Ash Crypto estimated the event liquidated approximately $8 million in long positions. Reports at the time suggested around 99% of M's supply was held by insiders, reducing the effective float.

Buyback Triggers Recovery, Token Climbs Back to Rank 40

The treasury buyback of more than $10 million, noted by trader rapperr111 on X, coincided with the start of the price recovery. M has since climbed from rank 72 by market cap during the crash back to rank 40. Over the most recent 24-hour period, the token was up 54%, according to BeInCrypto Markets data.

Key Technical Levels Now in Focus

On the weekly chart, the crash candle wicked down to $0.53 before buyers absorbed the selling pressure. The recovery stalled near a support zone between $0.60 and $0.85 — an area that previously acted as resistance from July to August 2025 before M's rally toward its all-time high. The long-term ascending trendline that guided M since mid-2025 was broken during the collapse and now converges with horizontal supply near $1.80.

• Weekly RSI: 45, reset from above 80 near the April peak
• Reclaim of $1.80 would open the path toward the $2.80–$3.00 supply zone
• Rejection at $1.80 would signal continuation of the downtrend toward $0.60–$0.85

The daily chart shows the June 25 breakdown cut through the 0.5 Fibonacci retracement at $2.63 on record volume. The decline bottomed near $0.41 before buyers reclaimed the 0.236 Fib level at $1.46. M was trading at $1.66 at the time of writing.

Fibonacci Structure Defines the Recovery Outlook

The next significant resistance sits at the 0.382 Fib level of $2.10, approximately 27% above current price. A breakout above that level would expose the 0.5 Fib at $2.63, which also coincides with a descending trendline drawn from the April 24 all-time high of $4.85. That confluence makes $2.63 the critical barrier for the overall recovery thesis.

The daily RSI has rebounded to 43 after printing oversold readings near 20 during the crash, providing moderate momentum support for buyers. On the downside, a break below the 0.236 Fib at $1.46 would invalidate the current bullish structure and re-expose the $0.60–$0.85 support band. Whether the buyback represents a durable bottom or a temporary pause in the downtrend will largely be determined by how price behaves at the $2.10 level.