Written by: Tiger Research

Compiled by: AididiaoJP, Foresght News

Just after the RAVE token skyrocketed by 4500%, on-chain investigator ZachXBT exposed that the team wallets held 90% of the token supply and coordinated actions to transfer to centralized exchanges. Binance and Bitget promptly initiated investigations, leading to a more than 90% drop in the token’s price within a day.

However, a troubling question followed: If the market were completely cleared overnight, the extreme volatility that attracts retail investors would also disappear.

Many investors come to the crypto market not to pursue a stable 10% annual return similar to the S&P 500. What they seek are overnight profits of 4500%. ZachXBT's work is commendable, but do crypto speculators, the Degens, really want a clean market? This question deserves an honest answer.

In April 2026, just after the RAVE token surged 4500%, on-chain investigator @zachxbt publicly accused the project of manipulation.

Three wallets associated with the team held 90% of the total supply, and once these wallets transferred their holdings to mainstream exchanges, the price immediately soared. The subsequent liquidation reached $44 million. ZachXBT called for @binance, @bitget, and @Gate to conduct investigations and offered a $25,000 reward for related information.

Subsequently, Binance and Bitget launched investigations, causing RAVE to plummet from $26 to $1, a single-day drop of as much as 90%, evaporating $5.7 billion in market value. RaveDAO responded that the team did not engage in any manipulation.

Why It's Happening Now

Institutional funds are pouring into the crypto market, but hacker attacks have never ceased, and price manipulation repeatedly occurs. Doubts about "whether this market is trustworthy" have resurfaced.

It is worth noting that the resolution of this incident did not come from the SEC or other financial regulatory agencies, but from the actions of an anonymous on-chain investigator. He propelled the two exchanges to intervene, wiping out approximately $6 billion in market capitalization in just one day. The speed of individual action far exceeds that of regulation.

But this structure cannot be sustained in the long term. Market integrity cannot rely solely on individual goodwill.

An even more troubling question is: Do Degens really want this self-correcting mechanism?

A Simple Analogy

The crypto market is beginning to resemble a regulated stock exchange.

CCTV cameras are being installed, and institutional clients in suits are gradually entering. However, the first group of people filling the seats did not come because the place was "safe." They came because there was a possibility of achieving 45 times returns within an hour.

When every table is covered by cameras, the 45-fold returns will also disappear. The initial crowd will leave as well.

After that, will those institutional clients stay?

The Uncomfortable Truth

Ending manipulation like RAVE is necessary. When team wallets hold 90% of the supply and the prices immediately skyrocket as those chips are transferred to exchanges, it is almost manipulation; illegal manipulation should be removed from the market.

But why do most retail investors choose cryptocurrency over stocks? Not for a stable 10% annual return like the S&P 500. They are here to pursue the possibility of 4500% in a day. There are indeed many quality projects in the market, but extreme volatility often stems from information asymmetry, liquidity manipulation, and highly concentrated supply.

Imagine a crypto market fully regulated like the SEC: team wallets must fully disclose, highly concentrated supply projects are filtered before listing, and liquidity manipulation is marked in real-time. In such a market, which projects could still excite retail investors’ adrenaline? It would no longer be a crypto market, but a slow-moving stock market.

ZachXBT's work deserves recognition, and we agree with that. A safer market is indeed necessary.

But the uncomfortable truth remains: many people express the desire for a clean crypto market, but are actually drawn to that very volatility.

On the day when regulation is fully completed, the crypto market is more likely to become boring rather than clean. The surviving projects will be required to meet the same proof standards as listed stocks.

We are grateful for ZachXBT's work, but many Degens are still searching for the next RAVE-style skyrocketing curve in the market.

Currently, there is a significant gap between the future we long for and the market we actually have. If more projects can prove themselves based on their own strength, such extreme volatility should not be necessary.

That is the uncomfortable truth.