RaveDAO (RAVE) Token Crashes 90% Amid Manipulation Allegations ❗
RaveDAO's RAVE token suffered a catastrophic collapse, plunging nearly 90% within 24 hours after reaching an all-time high of $27.33, wiping out over $5.7 billion in market capitalization.
The dramatic downfall followed investigations launched by major crypto exchanges Binance and Bitget into suspicious trading activity surrounding RAVE's meteoric 10,800% rally.
Blockchain investigator ZachXBT revealed that approximately 90% of RAVE's total supply was concentrated in three team-linked wallets. Large token transfers to exchanges shortly before the surge triggered a "bait and liquidate" pattern, forcing $44 million in short liquidations.
RaveDAO denied involvement, stating the team was "not responsible for recent price action," yet failed to address specific onchain allegations — further eroding investor confidence.
The token, which climbed from $0.25 to $27.33 in just nine days, now trades around $1.15, serving as a stark reminder of extreme volatility risks in speculative crypto assets.