RAVE token faces pump-and-dump claims, exchanges probe

RAVE token faces pump-and-dump claims after a 5,600% surge. Insiders allegedly controlled 90% of supply. Binance and Bitget are investigating, and ZachXBT offers a $10,000 bounty for whistleblowers.

The RaveDAO (RAVE) token is under intense scrutiny following allegations of a coordinated pump-and-dump scheme. On-chain investigator ZachXBT claims that insiders controlled over 90% of RAVE’s circulating supply, manipulating trading activity on major exchanges like Binance, Bitget, and Gate. The token experienced a staggering 5,600% price surge in just one week, jumping from $0.25 to $27 before plummeting by more than 50%. Blockchain data revealed that millions of tokens were sent to exchanges ahead of the surge, followed by significant withdrawals. This triggered forced liquidations and a mechanical buying cascade, resulting in $44 million in liquidations—$30.6 million of which occurred within 24 hours. ZachXBT has called for exchange-led investigations and offered a $10,000 bounty, later increased by community contributions, for whistleblowers with evidence of manipulation. Both Binance and Bitget have launched formal investigations, while the RaveDAO team denies any involvement in the price action.