Selling MemeCore currently only works by a detour: none of the 14 markets that
CoinGecko lists for the token M trades against the euro. Every single pair runs through the stablecoin
Tether or through USDC, with two pairs available only on decentralised exchanges on the BNB Smart
Chain. Anyone who wants to unwind an M position therefore sells first into a dollar stablecoin and
swaps that into euros afterwards. It is workable, but it costs an extra step, an extra fee and a second
event that counts for tax.
The other half of the answer lies in the size of the market. According to CoinGecko data, M carried
a market capitalisation of $2.32 billion on October 6, on daily volume of $2.39 million. That puts the
ratio at roughly 971 to 1. On the thinnest days of the past two months it sat at about 3,500 to 1. For
a small position that is of no consequence. For a large one it is the real question of this article.
Selling MemeCore today means Tether, not euros
A trading pair is the combination of the token you give up and the value you get for it.
With M those pairs are, without exception, M/USDT, M/USDC or, on the two decentralised exchanges, M
against a dollar stablecoin on the BNB Smart Chain. CoinGecko’s ticker list carries no M/EUR pair, and
no M/USD either.
In practice that means a two-stage exit. In the first step you sell M against USDT or USDC. In the
second you move the stablecoin to a platform that pays out euros and sell it there. Which providers do
that reliably in Germany, and what they charge for it, is set out in our comparison of the
best crypto exchanges. Why
the Tether detour is so widespread and where it costs money, we have written up at greater length using
the case of the missing euro
trading pairs.
An important point for tax: swapping M into USDT already counts as a disposal, and so does the later
swap from USDT into euros. Both events count on their own, and both need documentation. More on that
below.
What MemeCore is: a layer-1 chain with Proof of Meme as its consensus
MemeCore is not a conventional meme coin sitting on somebody else’s chain. It is its own
layer-1 blockchain, meaning a network with its own consensus mechanism and its own fees. The
project says the mainnet has been running since February 12, 2025. The token M pays the transaction
fees on the network and is staked by validators and delegators.
The project calls its consensus mechanism Proof of Meme: whoever secures the network should
be rewarded not only for computing power or capital at stake, but also for measurable cultural
contributions. Whether that promise holds is an open question, and for exiting a position it is of
secondary importance. What counts for classification is this: M is a network token with meme
positioning, and it sits in the risk class we report on continuously in our
meme token section.
The all-time high came on July 2, 2026, at $5.64. At $1.02 today, M stands roughly 82 percent below
that. Over seven days the price is down 11.4 percent, over 30 days 10.1 percent. From the interim high
of $1.51 on September 20 it is 32.6 percent lower.
13 trading venues, one order book: HTX carries 75 percent of ticker volume
CoinGecko lists 14 markets for M across 13 trading venues. The distribution is the opposite of
broad. HTX accounts for $1.80 million of the reported daily turnover, or 75.1 percent of the entire
ticker volume. The three largest venues together carry 87.0 percent. The remaining ten share what is
left, and the smallest reports less than $5,000 a day.
Those venues include Biconomy, BTCC, MEXC, Hotcoin, Bitget, Gate, Ourbit, Hibt, BitKan and WEEX,
plus two decentralised markets on the BNB Smart Chain. The platforms through which German investors
usually buy with euros are absent from that list: according to CoinGecko’s ticker list, Bitpanda,
Coinbase, Kraken and Bison do not carry M.
This concentration has two consequences. First, the tradable price hangs essentially on a single
order book. If that venue goes down, stalls or suspends withdrawals, the bulk of the liquidity goes
with it. Second, you cannot simply fetch a better price from a competitor, because the competition has
barely any volume. Anyone moving from one venue to another should also know that a pure transfer
between your own accounts is not a sale, but the acquisition data has to travel with it.
Market cap $2.32 billion against $2.39 million daily volume: a ratio of 971
Market capitalisation is the circulating supply multiplied by the current price, and it
says what a position is worth on paper. Daily volume says how much of that actually changes
hands in a day. With M, $2.32 billion of paper value stands against $2.39 million of turnover.
The volume series of the past 60 days swings widely: the weakest day came in at $0.66 million, the
strongest at $7.08 million, the mean at $2.71 million and the median of the past 30 days at $1.35
million. Depending on which of those figures you apply, the market capitalisation equals between 971
and 3,493 times a single day’s turnover. That spread is not imprecision, it is the risk itself: how
quickly you get out of a position depends on which day you hit.
For comparison: with a heavyweight such as
Bitcoin that ratio
usually sits in the double or triple digits. The higher the number, the longer the market would need,
on paper, to turn over the entire circulating supply once.
Slippage: why a large order in a thin book sets its own price
Slippage is the difference between the price you see when you send an order and the price
at which it is actually filled. It arises when your order is bigger than what sits on the other side
of the order book at the next best price. The order then works its way through ever worse price
levels.
In a market that turns over less than a million dollars on a quiet day, a position in the mid five
figures is enough to trigger that. A market order of $50,000 is no fringe event there, it is a
noticeable share of the day’s business. That is precisely why a limit order, where you set a
minimum price, is the more important tool in thin markets: such an order fills more slowly or not at
all, but it protects you from pushing your own price down. How to read the depth of an order book
yourself before you hit send is described in our guide to
checking slippage.
Eleven monthly tranches of 56.1 million M have landed without a price slump
An unlock or a tranche is the moment when locked tokens become freely available to
the team, the foundation, investors or the community. The expectation behind it usually runs like this:
more freely available tokens mean selling pressure and therefore a falling price. With M it is possible
to test whether that has happened, because the series is long.
According to the vesting schedule at DefiLlama, eleven equally sized tranches of 56,111,111 M each
have landed since December 2, 2025, month after month. Before those came two smaller events of
35,972,222 M each in October and November 2025, plus a one-off starting block of 1.4 billion M in July
2025. The cadence is impossible to miss.
The price reaction was muted all the same. Ahead of the tranche on September 2, M stood at $1.0950,
on the day itself at $1.0623 and two days later at $1.0402, a combined 5.0 percent lower. Around the
tranche on October 2 it went from $1.0403 to $1.0506 and then to $1.0328, so 0.7 percent lower. Between
the two tranche days lies a monthly gap of 1.09 percent to the downside. A slump on the date is not to
be found in these numbers.
One explanation for that lies in the order book itself. A tranche of 56.1 million M equals 2.46
percent of the circulating supply and, calculated at today’s price, roughly $57.0 million. That is
about 24 complete daily turnovers at today’s volume and about 86 at the weakest day of the series. A
quantity that a market of this size cannot absorb in a day does not get sold in a day either. The
pressure works its way out over weeks, and that is exactly what makes it invisible on a daily
chart.
The next tranche falls on 1 November per the vesting schedule, and only one source dates it
The vesting schedule at DefiLlama lists the next tranche for November 1, 2026, shortly before
midnight UTC, which in Germany means the first hour of November 2. The quantity matches its eleven
predecessors: 56,111,111 M, split across four pots with 24,305,556 M for the community, 12,500,000 M
for investors, 11,666,667 M for the foundation and 7,638,889 M for the team.
Caution is warranted here, and explicitly so: that exact date rests on a single source. Other
vesting registers list no releases for M or are not publicly viewable, and the project documentation
itself contains no tokenomics table with dates. What is backed by two sources is the monthly cadence:
eleven equally sized tranches in a row, dated in the vesting schedule and traceable in the volume
series as spikes on the tranche days. Rely on the regularity, then, rather than on the calendar day as
hard fact. We have written up the release calendar and the mechanics behind it in our article on the
MemeCore unlock, and the
distribution of supply among insiders in our
onchain analysis of
the insider share.
22.8 percent in circulation: 7.7 billion M are still to come
The circulating supply is the quantity of tokens that is freely tradable. With M that comes
to 2,283,037,154 units. The maximum supply, the ceiling that is ever meant to exist, stands at
10 billion. That puts 22.8 percent in circulation. CoinGecko reports a total supply of 5.42 billion M,
so considerably more than is circulating and considerably less than the maximum.
For a position that means the larger part of future supply has yet to reach the market. Every
monthly tranche grows the circulating supply by a good two and a half percent, and it does so against
an order book that is not growing with it. This calculation is the reason why the question of
sellability matters more with M than the question of the next price target. This article deliberately
names no price target.
The opposite direction matters too: a total loss is possible with a token of this size and market
structure. Anyone holding a position should hold it in a size whose complete failure would not put
their own portfolio into difficulty.
Holding period and the 1,000 euro threshold: what section 23 EStG means for your M position
Gains from the sale of crypto assets count in Germany as a private disposal under section 23 of the
Income Tax Act, the EStG. The holding period is one year: if more than a year lies between
acquisition and sale, the gain stays tax free. Sell within the year and the gain is taxable at your
personal income tax rate.
On top of that comes a threshold of 1,000 euros per calendar year for all private disposals
taken together. That limit is not an allowance: once it is reached or exceeded, the entire gain becomes
taxable, not merely the portion above it. A sale with a gain of 1,050 euros is therefore taxable in
full, one of 950 euros is not.
With M, two particulars come into play. First, swapping M into USDT already counts as a disposal,
and the subsequent swap from USDT into euros as a second one. Second, each individually purchased
parcel has its own holding period; anyone who has been adding over months has several periods running
in parallel. Buying in over months therefore calls for a breakdown by parcel, not just a portfolio
value.
A reform is under discussion: a bill to abolish the one-year tax exemption was rejected in the
Bundestag, but the subject remains on the agenda. Until something is decided, the legal position above
applies. Individual tax questions are for a tax adviser, not for an article.
From USDT proceeds to euros: the route through a regulated exchange
Once the proceeds sit in USDT or USDC, you need a way back into euros. Three steps are customary.
First, transfer the stablecoin from the venue where you sold M to a platform that pays euros out to a
bank account. Second, sell the stablecoin against euros there. Third, trigger the payout to your own
account.
Before the first step, check three things at the receiving provider: whether it accepts the
stablecoin in the form you hold it, meaning on the right network; what fee the deposit and the
withdrawal cost; and whether it is authorised to trade crypto assets in the EU. Since the European
regulation on markets in crypto assets, MiCA for short, took effect, providers need a licence for that.
Whether a provider holds one is stated in its legal notice and in the register of the competent
supervisor.
Mind the minimum amounts for withdrawals while you are at it. With small positions, the sum of the
fees for transfer, swap and payout can eat a substantial share of the proceeds. Work that out
beforehand, ideally with the provider’s actual figures.
Total loss is possible: what a delisting does to a position
A delisting is a trading venue’s decision to stop trading a pair. The platform usually
announces a close of trading and a later deadline for withdrawing the tokens. After the close of
trading you can no longer sell on that venue, and after the withdrawal deadline you can no longer move
the tokens there; some platforms then liquidate remaining balances compulsorily.
With M this question is especially serious because of the concentration. If the largest venue drops
the pair, three quarters of the reported turnover falls away at a stroke, and what remains are markets
with daily volumes that in some cases run below $20,000. A sale at the displayed price is then no
longer a given.
Three things help in concrete terms. First, subscribe to your own venue’s announcement page, because
delistings are published there first. Second, know which address and which network you would withdraw M
to before you need it in a hurry. Third, size the position so that a total loss remains bearable. This
article is explicitly not a recommendation to buy, hold or sell M.
Selling MemeCore: How to proceed now
- Fix the trading route and check the depth. Look up which venue your M position
sits on and how much turns over there in a day. If your position exceeds one percent of daily volume,
work with limit orders in partial steps rather than a market order. Which platform pays out euros and
what it charges for that you will find in our comparison of the
best crypto exchanges. - Compile the holding periods parcel by parcel. Write down the date and the
acquisition price for every parcel you bought before you sell. That shows which part is tax free after
a year and which part eats into the 1,000 euro threshold. A tool from our overview of
crypto tax software takes over
that bookkeeping. - Prepare the route back into euros. Decide which authorised provider is to take the
USDT proceeds into euros and on to your bank account, and check the network, the fees and the minimum
withdrawal in advance. The houses licensed for the EU market are listed in our overview of
regulated crypto
exchanges.
The data in this article comes from the vesting schedule at
DefiLlama and the
market data at
CoinGecko.
(As of October 6, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
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