Memecore tokens have rebounded rapidly in recent days after a sharp drop in late June. According to Coinpedia, the token fell by about 82% between June 22 and 29, dropping to as low as $0.51, before rising to $1.80 in early July, and has now fallen back to about $1.39.
This round of decline triggered widespread questioning of the project's fundamentals. Speculation surrounding it as a scam, pump-and-dump schemes, and insider selling quickly spread, becoming the main focus of discussion after the price crash.
The foundation denies any irregularities in the agreement or its operations.
On June 30, the official Memecore X account first issued a security , stating that fake websites and projects impersonating Memecore have appeared on the market, and specifically mentioned a project with the same name but unrelated to Memecore on the Solana network.
The foundation subsequently responded, stating that it had not detected any protocol malfunctions, infrastructure anomalies, or operational disruptions, nor had it sold any tokens during the period of sharp price fluctuations. The foundation stated that treasury operations remained normal during the price decline.
Selling pressure is interpreted as a short-term concentrated sell-off.
The project team stated that the recent drop appeared to be due to a large number of sell orders occurring within a short period. These transactions were reportedly executed primarily with market orders rather than the more common limit orders, causing prices to plummet quickly when liquidity was insufficient.
This explanation did not completely quell the controversy, but it at least provided the market with an explanatory framework different from "project owners dumping their projects."
A $10 million buyback attracts market attention.
A more noteworthy move occurred on July 2nd. The foundation approved a strategic treasury buyback program of at least $10 million as part of its treasury management and ecosystem support arrangements. The tokens obtained from the buyback will be transferred to the foundation's treasury wallet.
The project team also stated that, to reduce premature buying and speculative trading, they would not disclose the specific implementation time and method. With the announcement of the buyback plan, market focus shifted from the reasons for the price crash to whether the buyback would drive a price recovery.
In terms of results, Memecore quickly rebounded after being heavily sold off by the market. However, whether this rebound was mainly driven by buyback expectations or occurred in conjunction with a phase of capital inflows remains unclear and lacks further publicly available data to support its claim.
