BEARISH 📉 : RAVE sheds nearly $6B, crashes 95% as exchanges probe manipulation
RAVE erased about $6B in under 48 hours after a 10,800% run-up. Only ~$52M in liquidations matched the move, leaving a big gap and big questions.
The token RAVE jumped from ~$0.25 to $27.30 in nine days, then dropped ~95% from $26 to nearly $1 within 24 hours, per on-chain sleuth ZachXBT. Yahoo Finance and ZachXBT tracked the swing.
Exchange chiefs weighed in. Binance’s Richard Teng said the exchange opened a probe. Bitget’s Gracy Chen said the same. Gate.io was also named. Those statements fueled more selling. Source: Yahoo Finance.
The spark came from ZachXBT’s post alleging a coordinated pump-and-dump and seeking whistleblower info. His call spread fast across X and trading forums.
Wallet data pointed to insider control. ZachXBT said nine wallets from the early phase held ~95% of supply and moved size to exchanges ahead of the rally. Thread.
Mechanics mattered. The 10,800% spike squeezed shorts, forcing >$40M in liquidations on the way up. When that pressure ended, bids vanished and the floor fell out. Invezz via TradingView.
RaveDAO pushed back. The team denied any role in price action and said some unlocks were sold for operating costs, calling it standard practice. The post didn’t address the wallet claims. Team statement.
Traders now eye $1.00–$1.20 as a possible base and $1.50 as a sign forced sellers are out. Heavy overhead supply limits a quick rebound. Source: Yahoo Finance.
Headline
RAVE wipes out $6B in 48 hours as Binance, Bitget open probes