RAVE’s market cap has plunged more than $6.6 billion since Saturday, almost immediately after the crypto industry’s most recognized blockchain investigator called on exchanges Binance, Bitget, and Gate to investigate whether RAVE’s price was being manipulated.
Now worth $150 million, according to CoinGecko, the token’s total value has collapsed nearly 98% since ZachXBT vocalized his suspicions in an X post. In less than two weeks, RAVE had become one of the crypto sector’s most valuable tokens, rising seemingly out of nowhere.