Overview
- RAVE slid to about $1.15 on Sunday following Friday’s $27.33 peak, wiping out more than $5 billion in market value within two days.
- Bitget said Saturday it had started an internal review, and Binance and Gate later confirmed they were examining RAVE trading after misconduct allegations.
- On-chain investigator ZachXBT alleged an insider-led short squeeze, citing roughly 90% of the 1 billion supply in team-linked wallets and large exchange transfers before the surge, and he offered a $25,000 whistleblower bounty.
- A team-linked multisig sent about 23 million RAVE to Bitget deposit addresses on Sunday, and the price slid from roughly $1 to $0.60 in minutes according to his on-chain posts.
- RaveDAO denied involvement in the run-up and collapse and said it may sell unlocked tokens and is weighing lock mechanisms, while the episode renewed questions about exchange surveillance and the risk retail traders face in low-float tokens.