Blockchain security firm PeckShieldAlert reported on August 19, 2026, that approximately 1 billion MemeCore ($M) tokens were minted on the BNB Smart Chain.
The activity involved two separate batches of roughly 463 million tokens each, originating from wallets 0xfdea…447a7BF and 0x4388…C919dd7 before being consolidated into a single address, 0x69cB…F6FF4681. The combined holdings are currently valued at around $1 million. The minting occurred through MemeCore’s own cross-chain bridge.
On-chain data shows no corresponding token lock, burn, or collateral deposit on the native MemeCore chain. Analysts monitoring the transactions have stated that the process does not resemble a typical external hack or unauthorized exploit. Instead, the evidence points toward execution by the project team, bridge operators, or parties holding authorized access to the system. The newly minted tokens remain in the destination wallet with no further transfers recorded as of the latest updates.
Transaction records confirm the mints took place in rapid succession earlier on August 19. Each batch was generated from the null address in a manner consistent with bridge mint functions, after which the tokens were merged.
At prevailing market prices near $1.10, the full 1 billion tokens represent a substantial portion of the project’s circulating supply, which stands near 1.3 billion. PeckShield and subsequent trackers highlighted the concentration into one fresh wallet as a notable development requiring close monitoring.
Market Reaction and Broader Context
Despite the scale of the issuance, $M’s price has shown limited immediate reaction. As per CoinGecko data, the token continued trading in a range of approximately $1.05 to $1.18, with 24-hour changes remaining in the low single digits as of publishing. Liquidity and volume levels have not displayed sharp disruptions tied directly to the news. The tokens have not yet moved toward centralized exchanges, which helps explain the muted price response so far.
The event has revived earlier concerns first raised by on-chain investigator ZachXBT. Months prior, ZachXBT flagged heavy insider concentration, with claims that controlled wallets held over 90% of supply, alongside questions about true circulating float and valuation integrity.
MemeCore, marketed as a Layer-1 focused on a “Meme 2.0” economy, experienced a sharp 75% price decline in June 2026 that erased billions in market value amid those same criticisms.
Observers note that any future movement of the newly minted tokens could alter market dynamics. For now, the situation underscores ongoing scrutiny of the project’s token distribution mechanisms and bridge operations while the price holds relatively steady.
This is a developing story and more information will be added as the event unfolds.
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