Many people have been asking about the M coin in the past couple of days because something very dramatic just happened.

Just the night before last, M dropped directly from 2.92u to 0.5u. In less than half an hour, nearly $3 billion in market cap evaporated.

The strangest part is: no hack, no announcement, no news at all—it just dropped like that. Later, people checked the chain and found the problem: over 90% of the tokens are held by insiders, the actual on-chain liquidity is less than $100k, but its market cap once reached billions. This is a textbook example of a fake market cap.

In fact, ZachXBT had already issued a warning back in April, saying that insiders were manipulating the price of this coin. Unfortunately, few people paid attention at the time.

This structure is essentially a time bomb. As soon as the insiders start selling, there’s not enough buying pressure from outside to absorb it, and the price will free-fall.#0成本拿2股SK海力士
Now at 0.64u, the drop is already significant. There may be a short-term bounce, but the structural issue of this coin hasn’t been resolved—insiders still hold a large amount of tokens that haven’t been fully sold.

If you want to go long, look for support around 0.5u. If it holds, enter with a small position, target 1u, stop loss below 0.4u.

But I remain cautious about this coin, for a coin propped up by fake liquidity could see any rebound crushed at any time.