Overview
- RAVE, which ran from about $0.25 to above $27 in days, fell back under $1 and traded near $0.60 following Friday’s public manipulation claims by on-chain investigator ZachXBT.
- Binance, Bitget, and Gate.io said they opened probes into RAVE trading, and those announcements sped up the selloff as traders braced for adverse findings.
- ZachXBT traced roughly $23 million in tokens moving from a team-linked distribution wallet to Bitget deposit addresses, a flow he linked to a 35% to 40% slide from $1.00 to $0.60.
- On-chain data showed extreme concentration, with nine wallets tied to the early distribution holding close to 95% of supply, which let a few holders swing prices with relatively small sales.
- RaveDAO denied any role in the crash as analysts highlighted a roughly $6 billion market value loss against about $52 million in forced liquidations, a gap that is driving calls for answers.