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RaveDAO’s RAVE token fell sharply over the past two days, dropping from $26 to below $1 and extending losses on Monday.
RAVE plunged from $26 to under $1 after on-chain investigator ZachXBT raised market manipulation concerns publicly on Friday. ZachXBT said wallets linked to the project’s early distribution controlled about 95% of RAVE’s total supply.
Binance, Bitget, and Gate.io acknowledged calls for investigation, while RaveDAO denied involvement in the price action. Data cited in the report indicated the token lost about 95% on Sunday before falling more than 60% again in the following 24 hours.
ZachXBT said he contacted RaveDAO co-founder Yemu Xu on April 13 and April 14 regarding his concerns but did not receive a response before the token collapsed. He then publicly asked major exchanges to review suspected market manipulation tied to RAVE.
On April 18, ZachXBT asked Binance, Bitget, and Gate.io to investigate. He initially offered a $10,000 bounty for information and later raised it to $25,000 the same day.
ZachXBT’s review pointed to early token distribution being concentrated in a small group of wallets. He said addresses tied to the initial distribution controlled about 95% of RAVE’s 1 billion token supply.
He also flagged activity involving wallets connected to Bitget and Gate.io deposit addresses. ZachXBT said the scale of the sell-off appeared unusual compared with liquidation data across the market.
Bitget publicly responded to the investigation request within hours. Binance and Gate.io acknowledged the calls later in the day. At the same time, RaveDAO said it had no role in the recent price movement.
In a later update, ZachXBT said a multisig wallet linked to the initial distribution moved about 23 million RAVE, worth around $23 million, to two Bitget deposit addresses. After that transfer, the token’s price dropped below $0.60.
ZachXBT also wrote that roughly $6 billion in market value was erased while 24-hour liquidations stood near $52 million, which he described as a sign of an unstable market structure.
RaveDAO issued a public response rejecting claims that it drove the price move, stating it was “not engaged in, nor responsible for, recent price action.” The team also addressed claims about token control, though it did not confirm the figures mentioned by ZachXBT.
RaveDAO said it aims to act “sustainably and transparently” as it builds its platform. ZachXBT, meanwhile, said similar price patterns have appeared in other tokens, including SIREN, MYX, COAI, M, PIPPIN, and RIVER. He also said he held no trading position in RAVE and that the bounty for verified information remains open.
At the time of writing, RAVE traded at $0.64 with a 24-hour trading volume of $297.6 million. The token was down 46% over 24 hours, leaving it with a market capitalization of about $161.3 million.
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