The Memecore Hype: Market Cap or Mirage?

The crypto community is watching a rather suspicious success story unfold today. The Memecore coin has reached an eye-catching valuation, and blockchain investigator ZachXBT has already raised concerns, accusing the team of artificially inflating the price.

What caught my attention in particular is the comparison between Memecore and Hyperliquid that started making the rounds today. In the screenshot above, it’s presented as if Memecore has broken into the top 10 by market cap and is genuinely closing in on Hyperliquid.

In reality, things are far less dramatic than they appear. A closer look at that screenshot shows that it’s using fully diluted valuation - a figure that includes coins that don’t even exist yet, but are only planned as part of future issuance. If you exclude those, Memecore’s market cap is roughly half of HYPE’s.

Of course, HYPE is one of the heavyweights of today’s crypto market. And “half of HYPE’s market cap” is still a massive number. But considering that most Memecore coins are concentrated in the hands of the team and market makers, pushing the valuation to such levels doesn’t seem all that extraordinary.

We’ve seen plenty of tokens reach inflated valuations just as quickly. And they tend to share the same ending: an equally rapid collapse.

For now, I wouldn’t take Memecore too seriously. For those wondering whether it’s available for swaps on rabbit.io, the answer is no. HYPE, on the other hand, is - anytime, and at the best rates.