Key Takeaways:
M, the native token of the MemeCore ecosystem on BNB Chain, rose 54% in 24 hours to trade at $1.66 as of press time, extending a weekly rebound of roughly 150% after the project's treasury executed a buyback worth more than $10 million.
"The buyback announcement coincided with the start of the recovery, and M has since climbed back to rank 40 by market cap after falling to 72 during the crash," trader rapperr111 noted on X. Onchain investigator ZachXBT previously linked the collapse to structural weaknesses, citing less than $100,000 in onchain liquidity on BNB Chain against a market cap still near $900 million.
The token fell from $2.66 to an intraday low of $0.50 on June 25, a 76% decline that pushed its market cap from roughly $3.5 billion to $903 million. Trader Ash Crypto estimated the selloff liquidated around $8 million in long positions. Open interest collapsed from nearly $80 million to about $20 million during the crash, Coinglass data shows, before beginning to rebuild alongside the recovery.
The weekly chart shows the crash wicking down to $0.53 before buyers stepped in at the support zone between $0.60 and $0.85. The next test sits at the 0.382 Fibonacci retracement level of $2.10, roughly 27% above the current price. A breakout there would expose the 0.5 Fib at $2.63, which converges with a descending trendline drawn from the April all-time high of $4.85 — making that the decisive barrier for the entire recovery.
The daily RSI has recovered to 43 after printing oversold readings near 20 during the crash, signaling momentum is shifting in favor of buyers. On the downside, a break of the 0.236 Fib at $1.46 would invalidate the bullish setup and expose the $0.60 to $0.85 support zone again.
The team stated that an internal investigation found no protocol or infrastructure issues and denied any selling by the team or foundation, attributing the crash to a single large market sell order. That explanation has not been independently verified.
Whether the buyback marks a durable bottom or only a pause in the downtrend now depends on the $2.10 test. A rejection there would signal downtrend continuation toward the $0.60 to $0.85 area, while a reclaim of $1.80 — where the broken ascending trendline converges with horizontal supply — could open the path toward $2.80 to $3.00.
This article is for informational purposes only and does not constitute investment advice.
