Overview
- A little-known token ran from about $0.25 to above $27 in nine days, then fell roughly 90–95% within 24–48 hours, erasing nearly $6 billion in paper value.
- Binance and Bitget said they opened investigations after on-chain sleuth ZachXBT alleged manipulation, while OKX’s Star Xu pledged $25,000 toward his active $25,000 bounty for verifiable tips.
- ZachXBT cited wallet data showing extreme supply concentration near 90% in project-linked addresses, including about 75% in one wallet, and flagged roughly $23 million in sales from team-linked wallets tied to a sharp drop.
- CoinGlass reported about $3.36 billion in one-day futures trading versus $138.9 million in spot, and open interest near $105.7 million that likely sat on top of a smaller effective float, a setup that can force short sellers to buy at higher prices.
- Only about $52 million in forced liquidations showed up on-chain versus the multi‑billion market-cap swing, fueling calls for float thresholds, wallet concentration screens, and lower leverage on thin tokens as RaveDAO denied wrongdoing and said some unlocked tokens were sold for operations.