Overview
- Binance and Bitget, which confirmed reviews Saturday, are examining trading in RAVE after the token spiked near $28 then fell more than 80%.
- On-chain sleuth ZachXBT alleges insiders ran a pump-and-dump, citing 90% of supply in three team wallets and large transfers to exchanges before the run, and he raised a whistleblower bounty to $25,000.
- Market data show roughly $44 million of mostly short positions were liquidated in one day during the rally, a pattern consistent with a short squeeze that forces bearish traders to buy back at higher prices.
- RaveDAO rejects any role in the surge or collapse, says it plans to sell portions of unlocked tokens to fund operations, and says it is exploring price- or performance-triggered locks for the team’s holdings.
- The episode highlights how a thin circulating float can magnify swings and losses for late buyers, and it adds pressure on major exchanges to publish findings and tighten surveillance of suspicious flows.