$M On-Chain Detective ZachXBT is investigating this again.

Previously, he directly pointed out that $RAVE had serious market manipulation issues, with the token plummeting from $26 to $1 within 24 hours, a crash of over 95%, causing countless retail investors to suffer heavy losses.
Now he has turned his focus to $M, which has a market cap of 6 billion and ranks in the top 20 by market value, publicly questioning that over 90% of its holdings are held by the project team, suggesting that the highly concentrated tokens pose a significant risk of market dumping.
Even exchanges consider it an unlisted high-risk token.