On-chain investigator ZachXBT published an article questioning Kraken's review process for listing Memecore (M) on spot trading on July 3, 2025, and pointed out anomalies in related on-chain fund flows. He stated that approximately $7.9 million flowed out of Kraken to 18 newly created addresses, which currently hold a total of approximately 11.7 million M tokens (currently worth approximately $39.8 million). He also claimed that a suspected team address deposited approximately 5.3 million M tokens into Kraken, raising market concerns about token distribution and trading activities.