13 exchanges launched MemeCore, without a single euro trading pair: Hold or Sell?

出售 MemeCore：为何目前只能经由美元稳定币迂回操作

目前，出售 MemeCore（M）只能通过迂回的方式进行：CoinGecko 列出的 14 个交易市场中，没有任何一个允许 M 直接与欧元交易。所有的交易对都必须通过 Tether（USDT）或 USDC 进行转换，其中仅有两个交易对仅在 BNB 智能链的去中心化交易所上提供。因此，任何想要平仓 M 头寸的人，首先必须将其卖出换取美元稳定币，然后再将其兑换为欧元。虽然这种方法可行，但它增加了一个额外的步骤、一笔额外的费用以及一个需要单独报税的交易事件。

答案的另一半在于市场规模。根据 CoinGecko 的数据，截至 10 月 6 日，M 的市值为 23.2 亿美元，日均交易量仅为 239 万美元。这意味着市值与日成交量的比率约为 971:1。在过去两个月流动性最差的日子里，这一比率甚至高达约 3,500:1。对于小额头寸而言，这或许无关紧要；但对于大额头寸来说，这正是本文探讨的核心问题。

当前出售 MemeCore 意味着先换成 Tether，而非欧元

A trading pair is a combination of the token you give up and the value you gain. For M, these trading pairs are without exception M/USDT, M/USDC, or in two decentralized exchanges, M trades with U.S. dollar stablecoins on the BNB smart chain. CoinGecko has neither M/EUR nor M/USD pairs in its code list.

In practice, this means a two-step exit. The first step is to sell M in exchange for USDT or USDC; the second step is to transfer these stablecoins to platforms that support euro withdrawals and sell them there. Which providers provide such services reliably in Germany and the rates for which they charge can be found in our comparison guide for the best cryptocurrency exchanges. Details on why Tether transfers are so common and their costs have been elaborated in more depth in the article "The Missing Euro Trading Pair".

Important tax note: Converting M to USDT is counted as a disposal, and subsequent conversion of USDT to euros is also counted as another disposal. These two events are calculated independently and both need to be documented. See below for specific details.

What is MemeCore: The layer 1 blockchain using the "meme proof" consensus mechanism

MemeCore is not a traditional memecoin attached to someone else's chain. It is an independent Layer-1 blockchain with its own consensus mechanism and fee system. The project stated that the main network will be operational from February 12, 2025. Token M is used to pay transaction fees on the network and is pledged by verifiers and trustors.

The project calls its consensus mechanism the "Proof of Meme": Whoever is maintaining cybersecurity should be rewarded not only for its computing power or pledged capital, but also for its measurable cultural contribution. Whether this promise is fulfilled remains an open issue, and this is a secondary consideration when it comes to withdrawing positions. The key to classification is that M is an online token with meme positioning and belongs to the risk category we continue to report on in the "Meme Tokens" section.

M occurred on July 2, 2026 at US$5.64. At today's $1.02 price, M is down about 82% from its all-time high. Prices have fallen 11.4% in the past seven days and 10.1% in the past 30 days. From a mid-point high of $1.51 on September 20, prices are currently 32.6% lower.

13 trading venues, one order book: HTX accounts for 75% of trading volume

CoinGecko lists M's 14 markets in 13 trading venues. The distribution is extremely uneven. HTX accounted for $1.8 million of reported daily turnover, accounting for 75.1% of total trading volume. The top three trading venues together accounted for 87.0%. The remaining ten venues divided the rest, with the smallest of the daily newspapers of less than US$5,000.

These venues include Bonomy, BTCC, MEXC, Hotcoin, Bitget, Gate, Orbit, Hibt, BitKan and WEEX, plus two decentralized markets on the BNB smart chain. Platforms that German investors typically use to buy euros do not appear on the list: according to CoinGecko's code list, Bitpanda, Coinbase, Kraken and Bison are not available on M.

This concentration has two consequences. First, tradable prices essentially rely on a single order book. If the venue goes down, stagnates, or suspends withdrawal, most of the liquidity will disappear. Secondly, you can't simply get a better price from a competitor, because the competitor's volume is negligible. Anyone moving from one location to another should know that purely transfers between accounts do not count as sales, but acquired data must be transferred with it.

Market value of US$2.32 billion to average daily trading volume of US$2.39 million: the ratio is 971

Market value is the amount of available supply multiplied by the current price, which represents the book value of the position. The average daily trading volume represents how much the actual exchange of hands is changed every day. For M, the book value of US$2.32 billion corresponds to only US$2.39 million in turnover.

The trading volume series over the past 60 days has been volatile: the weakest day was $660,000, the strongest day was $7.08 million, with an average of $2.71 million, and the median of the past 30 days was $1.35 million. Depending on the data you use, the market value is equivalent to 971 times to 3,493 times the single-day turnover. The difference is not an error, but the risk itself: how quickly you can exit a position depends on what day you encounter.

For comparison: For giants like Bitcoin, this ratio is usually between two or three digits. The higher the number, the longer it will theoretically take for the market to flip the entire circulating supply.

Slide point: Why large orders in the thin order book are priced by themselves

Slide point is the difference between the transaction price you see when you send the order and the actual transaction price. A slip point occurs when your order is greater than the number of pending orders at the next best price in the order book. Orders will then be gradually completed at increasingly poor price levels.

In a market where trading volume is less than a million dollars on a quiet day, a medium-five-digit position is enough to trigger this situation. A $50,000 market order was not a marginal event there, but a significant share of business for the day. That's why limit orders (where you set the lowest price) are even more important in thin markets: these orders are slow or not filled, but protect you from driving down your price. For how to read the depth of the order book yourself before clicking on send, please refer to our slide-point checking guide.

[Picture caption: Monthly batch releases are carried out according to the ownership schedule, whether you have sold them or not.]

A total of 56.1 million M were released per month in eleven batches without triggering a price crash.

Unlocking or batch release refers to the moment when locked tokens become at the discretion of the team, foundation, investor or community. The expectation behind it is usually that more freely circulated coins means selling pressure, which causes prices to fall. For M, we can test whether this assumption holds through a long-term sequence.

According to DefiLlama's attribution schedule, since December 2, 2025, there have been 11 batches of equal size released each month, with 56,111,111 M pieces per batch. Prior to this, there were two smaller releases of 35,972,222 M each in October and November 2025, and a one-time initial block of 1.4 billion M in July 2025. This rhythm is obvious.

Despite this, the price response has been mild. On the eve of its release on September 2, M's price was $1.0950, compared with $1.0623 that day, and $1.0402 two days later, a cumulative decline of 5.0%. Around the October 2 release, the price changed from $1.0403 to $1.0506, and then fell to $1.0328, down only 0.7%. Between the two release days, there is a downward gap of 1.09% per month. No crash on the day of release can be found in these data.

One explanation for this lies in the order book itself. A batch of 56.1 million M pieces is equivalent to 2.46% of the circulating supply, which is approximately US$57 million at today's prices. Based on current trading volumes, this is equivalent to approximately 24 complete daily turnover; based on the weakest day in the series, it is approximately 86 daily turnover. The amount that such a large market cannot absorb in one day will not be sold out in one day. The pressure gradually releases over a few weeks, making it invisible on the daily chart.

The next batch will arrive on November 1, and only one source will date it.

DefiLlama's ownership schedule lists the next batch release time as before midnight UTC time on November 1, 2026, in Germany, the first hour of November 2. The number is consistent with its first eleven batches: 56,111,111 M's, divided into four pools, including 24,305,556 for the community, 12,500,000 for investors, 11,666,667 for foundations, and 7,638,889 for teams.

Caution should be exercised here and make it clear that the exact date is based on a single source. Other attribution registries do not list the release of M or are not publicly viewable, and the project document itself does not contain a dated token economics table. Two sources confirm the monthly rhythm: eleven consecutive releases of equal size noted in the attribution schedule and traced back as the peak of the release day in the trading volume series. Reliance on its regularity rather than treating calendar dates as iron laws. We have detailed the release calendar and its mechanism in our article on MemeCore unlocking, and discussed supply allocation in our article on chain analysis of insider ownership.

Circulation rate 22.8%: There are still 7.7 billion M's that have not yet entered the market

The circulation supply is the number of tokens that can be freely traded. For M, this number is 2,283,037,154. The maximum supply (the upper limit intended to exist) is 10 billion pieces. This means a circulation rate of 22.8%. CoinGecko reported a total supply of 5.42 billion M, well above the circulation but well below the maximum.

For positions, this means that most of the future supply has not yet entered the market. The monthly batch release increased the circulation supply by approximately 2.5%, but the order book did not grow with it. This is why for M, the issue of marketability is more important than the next price target. This article deliberately does not mention any price targets.

The opposite direction is equally important: for a token of this size and market, a total loss is possible. Anyone holding a position should hold it so that a complete failure will not endanger the size of his or her portfolio. [Image caption: Selling during the year means you need access data released for every batch.]

Holding period and 1,000 euro threshold: §23 What EStG means for your M position

In Germany, the proceeds of the sale of cryptocurrency assets are considered a private disposal under Section 23 of the Income Tax Act (EStG). The holding period is one year: If the interval between acquisition and sale exceeds one year, the proceeds are exempt from tax. If sold within one year, the proceeds should be taxed at your personal income tax rate.

In addition, there is a threshold of € 1,000 per year for all private disposals added together. The limit is not an exemption: once it is reached or exceeded, all proceeds will be taxed, not just the excess. As a result, sales making a profit of € 1,050 will be fully taxed, while those making a profit of € 950 will not be required.

There are two special cases for M. First, the conversion of M into USDT has been counted as a disposal, and the subsequent conversion of USDT into euros has been counted as a second disposal. Second, each batch purchased individually has its own holding period; people who have been adding positions for months have multiple holding periods running in parallel. Therefore, buying on a monthly basis requires classifying batches rather than just portfolio value.

目前正在讨论改革：一项废除一年免税期的法案在联邦议院被否决，但该议题仍在议程上。在做出决定之前，上述法律立场适用。个别税务问题请咨询税务顾问，而非文章。

从 USDT 收益到欧元：通过受监管交易所的路径

一旦收益存放在 USDT 或 USDC 中，你需要一条回到欧元的路径。通常有三个步骤。首先，将你出售 M 的场所中的稳定币转移到向银行账户支付欧元的平台。其次，在该平台将稳定币兑换为欧元。第三，触发向你自己账户的提现。

在第一步之前，在接收提供商处检查三件事：是否接受你所持有的稳定币形式（即在正确的网络上）；存款和取款的费用是多少；以及是否有资格在欧盟交易加密货币资产。随着欧洲加密资产市场法规（简称 MiCA）生效，提供商需要为此获得许可。提供商是否拥有许可，可在其法律声明和主管监管机构登记册中查到。

顺便注意提现的最低金额。对于小头寸，转账、兑换和提现的费用总和可能会吃掉大部分收益。最好提前使用提供商的实际数据进行测算。

完全损失是可能的：退市对头寸的影响

Delisting is the decision of a trading venue to stop trading a trading pair. Platforms will usually announce a stop to trading and a later token withdrawal deadline. After you stop trading, you can no longer sell at the venue; after the withdrawal deadline, you can no longer transfer tokens there; and some platforms will then force the liquidation of the remaining balance.

For M, this problem is particularly serious due to the high concentration. If the largest venue removes the trading pair, three-quarters of the reported turnover disappears instantly, leaving the remaining market with average daily trading volume below $20,000 in some cases. At this point, selling at the displayed price is no longer a matter of course.

The following three points are helpful in practical operation. First, subscribe to the announcement page of your own venue, because delisting information will be posted first there. Second, know in advance which address and network you will extract M to when you need it urgently. Third, control the size of the position to keep the total loss within an affordable range. This article expressly does not constitute a recommendation to buy, hold or sell M.

Selling MemeCore: What to do now

Determine the trading route and check the depth.
Find out where your M position is located and its daily trading volume. If your position exceeds 1% of the daily trading volume, use limit orders to execute in batches instead of market orders. Which platform pays in euros and its fees, please see our comparison of the best cryptocurrency exchanges.

Organize the holding period batch by batch.
在出售之前，写下你购买的每一个批次的日期和获取价格。这将显示哪部分在一年后免税，哪部分计入 1,000 欧元门槛。我们可以提供的加密货币税务软件工具之一可以接管这种记账工作。

准备回到欧元的路径。
决定哪家受监管的提供商将 USDT 收益转换为欧元并转入你的银行账户，并提前检查网络、费用和最低提现额。欧盟市场的持牌机构列在我们的受监管加密货币交易所概览中。

本文数据来自 DefiLlama 的归属时间表和 CoinGecko 的市场数据。（截至 2026 年 10 月 6 日。本文不构成投资建议。价格和费用结构会发生变化；购买前请与提供商核实条款。）