RaveDAO denies manipulation while #Binance and Bitget investigate the trading activity of $RAVE.
$RAVE
RaveDAO denies participation in the rise and fall of the RAVE token while Binance and Bitget launch investigations into alleged market manipulation.
RaveDAO has denied any role in the recent sharp rise and fall of its token $RAVE , while major cryptocurrency exchanges open investigations into trading activity following accusations of market manipulation.
In a thread posted on X, the project stated that it was not "involved in, nor responsible for, the recent price action," responding to the growing attention after RAVE rose from approximately $0.25 to nearly $28 in just a few days before falling more than 80%.
The denial comes as on-chain investigator ZachXBT accused the project of orchestrating a pump-and-dump scheme, pointing out concentrated token holdings and suspicious trading flows. He claimed that more than 90% of the token supply may be controlled by insiders, urging exchanges to take action.
Both Binance and Bitget confirmed that they are reviewing the situation. "We are investigating," wrote Binance CEO Richard Teng in a message, while Bitget CEO Gracy Chen said that the exchange had "initiated an investigation" into RAVE's trading activity.
RaveDAO plans token sales to fund growth
RaveDAO also outlined plans to sell portions of unlocked tokens to fund operations, marketing, and hiring. The team stated that it is exploring "price or performance-triggered lockups" to better align incentives.
"Building a movement requires resources," wrote the project, adding that it seeks to do so "in a sustainable and transparent manner."
RaveDAO is a Web3-based entertainment project that combines electronic music events with technology
#blockchain.