RaveDAO Denies RAVE Manipulation as Binance and Bitget Investigate After 90% Plunge

RaveDAO’s RAVE token triggered a rapid boom-and-bust that drew immediate scrutiny from major exchanges after the token surged from roughly $0.25 to nearly $28 within nine days and then collapsed by more than 80% in a day.

CoinDesk’s reporting put the move in sharper terms, saying the token “plunged about 90% in 24 hours,” erasing “roughly $5.7 billion in market value” as Binance and Bitget investigations advanced.

@coindesk

Live Bitcoin News similarly described “a steep rally followed by a sudden collapse,” and said RAVE climbed “from around $0.25 to nearly $28 within nine days” before trading “near $3.47.”

The Block’s account also tied the denial to the timing of the crash, noting that RaveDAO publicly denied involvement “hours before the token collapsed by more than 80%.”

Across outlets, the same exchange-probe sequence followed the price reversal: Binance and Bitget opened inquiries after the meteoric rally.

The Block wrote that Binance and Bitget “have both confirmed they are investigating the trading activity,” while Cointelegraph-linked framing in TradingView said the probes widened as RAVE “soared from roughly $0.25 to nearly $28 within days before plunging more than 80%.”

Even alternative coverage emphasized the speed of the reversal, with crypto.news describing the token rising “from about $0.25 to nearly $28 within a short period” before crashing “over 80%.”

The price action became the centerpiece of allegations about manipulation and supply control, with onchain investigator ZachXBT accusing RaveDAO-linked actors of orchestrating a pump-and-dump scheme.

Live Bitcoin News said “Onchain investigator ZachXBT accused the team of orchestrating a pump-and-dump scheme,” and added that the claims centered on “roughly 90% of the total supply” sitting across “three multi-signature wallets linked to the project.”

@coindesk

CoinDesk’s account similarly stated that ZachXBT alleged “about 90% of RAVE's 1 billion supply sat in three team-linked wallets” and that “large transfers to exchanges preceded a 10,800% price surge.”

TradingView echoed the same core allegation, saying ZachXBT “accused the project of orchestrating a pump-and-dump scheme” and claimed “more than 90% of the token supply may be controlled by insiders.”

The Block described ZachXBT’s evidence framing as “pointing to roughly 90% of supply held across three team-linked wallets,” and said he “has offered a $25,000 bounty for whistleblowers.”

Coinpedia went further in its own framing, claiming “Approximately $43.68 million in leveraged positions were liquidated in 24 hours” after the allegations triggered forced closures, while also asserting that ZachXBT said “over 90% of RAVE’s token liquidity was controlled by a small group of insiders.”

Even the narrative of how the rally was engineered was laid out by CoinDesk, which described a “bait and liquidate” pattern where “visible token transfers to exchanges suggested incoming sell pressure” that drew traders into short positions.

RaveDAO responded to the allegations with a public denial that it said was intended to clarify its role in the token’s price movement.

“RaveDAO's RAVE token collapses 90% in a day as exchange probes widen The token traded at $1”

@coindesk

Live Bitcoin News reported that RaveDAO issued a public statement rejecting claims of involvement and said that in a thread on X the team stated it was “not responsible for the surge or the subsequent drop.”

The Block likewise said RaveDAO publicly denied any involvement “in the recent price action of its RAVE token on Saturday,” and quoted the team’s position as “not engaged in, nor responsible for, recent price action.”

In the Live Bitcoin News account, the denial appeared as a direct post: “We want to be clear: RaveDAO team is not engaged in, nor responsible for, recent price action.”

The project’s response also addressed what it would do with tokens, with multiple outlets describing plans to liquidate portions of unlocked tokens to fund operations, hiring, and marketing.

Live Bitcoin News said “The network also outlined plans to sell portions of unlocked tokens,” adding that “Proceeds would support operations, hiring, and marketing efforts.”

TradingView similarly said RaveDAO outlined plans to “sell portions of unlocked tokens to fund operations, marketing and hiring,” and that it was exploring “price-triggered or performance-triggered locks.”

As RaveDAO denied involvement, major exchanges moved from market observation to internal review, confirming investigations into the trading activity tied to RAVE.

Live Bitcoin News said “major exchanges have begun reviewing trading behavior tied to the token,” and named Bitget and Binance as initiating inquiries.

Bitcoin News

It reported that “Bitget CEO Gracy Chen confirmed an internal investigation into trading activity,” and that “Soon after, Binance co-CEO Richard Teng stated that Binance had also begun reviewing the case.”

CoinDesk similarly described the probes as widening, saying “Binance and Bitget opened investigations into the trading activity that catapulted the token to a $6 billion market cap last week.”

TradingView quoted Binance’s response in a direct message, saying “We’re looking into it,” while also stating that Bitget CEO Gracy Chen said the exchange had “started investigating” RAVE trading activity.

The Block’s “Quick Take” section also framed the exchange response as confirmation that “Binance and Bitget have both confirmed they are investigating the trading activity.”

In addition to Binance and Bitget, CoinDesk said Gate.io was named in the original allegations from ZachXBT, and that he “has offered a $25,000 bounty for whistleblowers with evidence of the parties involved.”

The collapse in RAVE’s value translated into immediate market fallout, with outlets describing both the scale of losses and the mechanics of liquidation.

CoinDesk said the token “wiped out more than $5 billion in market cap,” and it quantified the move as “plunged about 90% in 24 hours,” erasing “roughly $5.7 billion in market value.”

CoinCentral

It also tied the rally’s mechanics to derivatives stress, saying the 10,800% move “triggered $44 million in liquidations on Friday,” with “the bulk of them from short sellers positioned against the token.”

Coinpedia offered a different liquidation figure, claiming “Approximately $43.68 million in leveraged positions were liquidated in 24 hours,” and it described “a cascade of forced closures across derivatives markets.”

TradingView reported that “At the time of writing, RAVE is trading at $1.36, down by 94.95% over the past day,” while crypto.news said the token later “dropped further, trading near $1.39 within a day of the crash.”

Live Bitcoin News said the token was “trading near $3.47” after falling more than 80% in a single day, and it also noted that “Circulating supply remains limited, estimated at about 24% of total tokens.”

With investigations ongoing at Binance and Bitget, the immediate consequence described across outlets was continued uncertainty and bearish pressure until reviews conclude.