RaveDAO’s RAVE token suffered a massive collapse, losing nearly 90% of its value within 24 hours after recently hitting an all-time high of $27.33. The crash erased more than $5.7 billion in market value.
The sharp decline came after leading exchanges Binance and Bitget began investigating unusual trading activity tied to RAVE’s explosive 10,800% price surge.
Blockchain analyst ZachXBT reported that around 90% of the token’s total supply was held in three wallets allegedly connected to the team. Significant token deposits to exchanges before the rally suggested a possible “bait-and-liquidate” setup, which reportedly caused $44 million in short liquidations.
RaveDAO denied any role in the recent price movement, saying the team was “not responsible for recent price action". However, the project did not directly respond to the on-chain accusations, adding to market concerns.
After soaring from $0.25 to $27.33 in only nine days, RAVE has now fallen back to roughly $1.15 — highlighting the extreme risks and volatility of speculative crypto tokens.
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