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Memecore, whose M token has faced insider manipulation allegations, announced on its official X account that it had entered into a $1 billion token-for-stock swap with Nasdaq-listed Zerostack (ZSTK), a company known for accumulating 0G. Memecore said it would contribute M tokens in exchange for Zerostack shares and pre-funded warrants.
Community members argued the stated $1 billion deal size was overstated and said swapping M tokens for shares in a company with a weak balance-sheet structure had limited significance. They pointed to Zerostack shares being valued in the transaction at $25.19, around 13 times the current market price of about $1.89, and said the price of M tokens, which have limited circulating supply and are controlled by a small number of wallets, also offered no assurance of holding value.
On-chain analyst ZachXBT previously warned in June that M had plunged 80% from around $3 to $0.5, raising the possibility of insider price manipulation. CryptoSlate also reported that Zerostack’s viability had become uncertain as the price of its 0G holdings fell sharply. According to CoinMarketCap, M was trading at $1.16, up 2.97%.