RaveDAO Token Crashes, Sheds $6.6 Billion in Value as Exchanges Probe Alleged Manipulation
RAVE, the native token of RaveDAO, saw its market cap plummet from over $6.7 billion to $150 million—a drop of nearly 98%—after blockchain investigator ZachXBT called for exchanges to probe possible price manipulation. ZachXBT noted suspicious activity involving wallets linked to RaveDAO’s team and raised concerns about the high concentration of RAVE’s supply in initial distribution addresses, suggesting a manipulated and unsustainable valuation. The crash triggered massive liquidations, with $52 million wiped out within 24 hours. RAVE traded at $0.56 on Monday, far below its $27.33 peak. Bitget, Binance, and Gate indicated they would investigate but haven’t released findings. RAVE, launched in December on Ethereum, BNB Chain, and Base, is used for activities like forming local chapters and purchasing event tickets. Despite claims from RaveDAO that it wasn’t responsible for the price action, blockchain data showed $24 million in tokens sent from team-linked wallets to Bitget. RaveDAO also has a partnership with World Liberty Financial and promotes events globally, though community discourse has largely focused on token price.
