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2h ago

RAVE Token Crashes Over 90% as Binance and Bitget Open Probes

The episode underscores how concentrated token supply leaves traders exposed on lightly policed exchanges.

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Ravedao's rave token collapses 90% in a day as exchange probes widen
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Ravedao denies manipulation claims as rave token plummets 95% from peak

Overview

  • RAVE, which drew fresh scrutiny Saturday after on-chain allegations and exchange reviews began, fell about 90% Sunday and slid under $1 Monday.
  • On-chain sleuth ZachXBT said wallets tied to the launch controlled roughly 90%–95% of supply and moved 18.58 million RAVE to Bitget before the run-up.
  • He raised a whistleblower bounty to $25,000 and later flagged a transfer of about 23 million RAVE to Bitget that coincided with a drop from $1 to near $0.60.
  • Binance CEO Richard Teng and Bitget CEO Gracy Chen said their teams are investigating trading in the token after the public claims of manipulation.
  • RaveDAO denied driving the price moves, said it may sell unlocked tokens to fund operations, and floated future lock models as the crash erased roughly $6 billion against about $44–$52 million in liquidations.