Overview
- Binance and Bitget, which said Saturday they had opened internal reviews, are examining trading in RAVE after public claims of an insider‑driven rally.
- On‑chain sleuth ZachXBT raised a whistleblower bounty to $25,000 and urged Binance, Bitget and Gate.io to identify any parties behind suspected market abuse.
- Blockchain data shows nearly 90% of RAVE sits in three team‑linked wallets, and 18.58 million tokens moved to Bitget hours before the spike without public notice.
- The run‑up triggered a short squeeze that erased more than $44 million in positions in a single day as bearish bets were forcibly closed.
- RaveDAO says it did not drive the move but plans to sell some unlocked tokens later, while roughly 752 million team‑held coins remain off‑market and could pressure prices.