After a sharp decline in late June, the Memecore token has recently experienced a rapid rebound. According to Coinpedia, the token fell approximately 82% between June 22 and 29, dropping as low as $0.51, before rising to $1.80 in early July and recently retracing to around $1.39.
This downturn triggered widespread skepticism about the project’s fundamentals. Speculation surrounding scams, pump-and-dump schemes, and insider selling rapidly spread, becoming the primary focus of discussion following the price collapse.
The foundation denies any protocol or operational irregularities.
On June 30, the official Memecore X account first issued a security alert, warning that fraudulent websites and projects impersonating Memecore have emerged on the market, specifically mentioning an unrelated project with the same name on the Solana network.
Subsequently, the foundation further responded that no protocol failures, infrastructure anomalies, or operational disruptions were detected, nor were any tokens sold during the period of sharp price fluctuations. The foundation stated that treasury operations remained normal during the downturn.
Selling pressure refers to a concentrated wave of selling over a short period.
The project team stated that this decline appeared to be caused by a large volume of sell orders in a short period. The trades were reportedly executed mostly as market orders rather than the more common limit orders, causing the price to drop rapidly when liquidity was insufficient to absorb the selling pressure.
This statement has not fully resolved the controversy, but at least provides the market with an alternative framework to the "project team sell-off" narrative.
$10 million buyback attracts market attention
The more notable action occurred on July 2, when the foundation approved a strategic treasury buyback program of at least $10 million as part of its treasury management and ecosystem support arrangements. The repurchased tokens will be transferred to the foundation’s treasury wallet.
The project team also stated that, to reduce front-running and speculative trading, they will not disclose specific execution times or methods. With the buyback plan announced, market focus has begun shifting from the causes of the price drop to whether the buyback has driven price recovery.
The results show that Memecore quickly shifted from being heavily sold off to a rapid rebound. However, it remains unclear whether this rebound was primarily driven by buyback expectations or simply occurred in sync with a temporary inflow of capital, as there is still insufficient public data to confirm either scenario.