RaveDAO’s RAVE token collapses 90% in a day as exchange probes widen
The token traded at $1.15 on Sunday, down from a $27.33 peak on Friday, wiping out more than $5 billion in market cap while Binance and Bitget investigations advance.
What to know:
- RaveDAO’s RAVE token plunged about 90% in 24 hours, erasing roughly $5.7 billion in market value after Binance and Bitget opened investigations into its meteoric rally.
- Onchain sleuth ZachXBT alleged that 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 that triggered $44 million in liquidations.
- RaveDAO denied involvement in the trading activity and said it may sell unlocked tokens to fund operations while exploring future lockup models, but it did not address the specific onchain claims or commit to concrete safeguards.
Bitget CEO Gracy Chen confirmed the probe on X, and Binance co-CEO Richard Teng subsequently said the exchange was reviewing the matter and would “always” do its part to examine signs of market misconduct. Gate.io was also named in the original allegations from onchain investigator ZachXBT, who has offered a $25,000 bounty for whistleblowers with evidence of the parties involved.
The collapse accelerated after the project’s Saturday denial rather than stabilizing on it.
RaveDAO posted a six-part X thread stating the team “is not engaged in, nor responsible for, recent price action.”
The thread did not address any of the specific onchain allegations that prompted the scrutiny, including the concentration of roughly 90% of the 1 billion RAVE supply across three Gnosis Safe multi-signature wallets attributed to the team, or the millions of tokens transferred to exchanges shortly before the rally began.
