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RaveDAO has denied any role in the recent surge and sharp collapse of its RAVE token, as major crypto exchanges opened probes into trading activity following allegations of market manipulation.
In a post on X, the project said it was “not engaged in, nor responsible for, recent price action,” responding to mounting scrutiny after RAVE rose from roughly $0.25 to nearly $28 within days before plunging by more than 80%.
The denial follows accusations from onchain investigator ZachXBT, who alleged that the project orchestrated a pump-and-dump scheme. ZachXBT pointed to concentrated token holdings and “suspicious exchange flows,” and said more than 90% of the token supply may be controlled by insiders, urging exchanges to take action.
Binance and Bitget confirmed they are reviewing the situation. Binance CEO Richard Teng wrote, “We’re looking into it,” while Bitget CEO Gracy Chen said the exchange had “started investigating” RAVE trading activity.
RaveDAO also outlined plans to sell portions of unlocked tokens to fund operations, marketing, and hiring. The team said it is exploring “price-triggered or performance-triggered locks” to better align incentives.
“Building a movement requires resources,” the project wrote, adding it aims to do so “sustainably and transparently.”
RaveDAO describes itself as a Web3-based entertainment project that combines electronic music events with blockchain technology, aiming to onboard users into crypto through real-world experiences such as festivals and parties. It operates as a decentralized community where attendees receive NFTs for participation, while its RAVE token is used for governance, ticketing, and access to events.
At the time of writing, RAVE was trading at $1.36, down 94.95% over the past day, according to CoinMarketCap data.
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