PANews April 19 news, on-chain investigator ZachXBT posted on platform X summarizing the dramatic fluctuation of the RAVE token, which dropped from $26 to $1 within 24 hours, indicating that the incident may involve market manipulation. The timeline shows that on April 18, he called for Binance, Bitget, and Gate to investigate abnormal trading and raised the reporting bounty to $25,000. The aforementioned platforms subsequently responded publicly.
ZachXBT pointed out that RAVE will launch in December 2025, with an initial total supply of 1 billion tokens, of which about 95% are controlled by a few addresses, posing a high concentration risk. In addition, he discovered suspicious centralized exchange activity related to wallets associated with the RaveDAO team in April, which may contradict the team's claim of "not participating in price fluctuations." He further stated that the recent evaporation of about $6 billion in market value corresponded to only about $52 million in liquidation scale, an abnormal ratio reflecting that the valuation may have been artificially inflated and is unsustainable. Besides RAVE, several tokens such as SIREN, MYX, and COAI have also recently exhibited similar suspicious trends.
ZachXBT expressed that he recognizes the significant losses this behavior causes to retail traders, but he will insist on continuing to investigate similar fluctuations in hopes of identifying the responsible party. He reiterated that he personally does not hold RAVE tokens and that if he did, he would also be liquidated. He cannot predict whether or when exchanges will publicly comment and urged exchanges to expedite the identification and intervention of market manipulation behaviors, pointing out that delayed handling will cause retail investors to bear losses while the platforms profit from trading volume. He stated that he will continue to investigate related fund flows, and the $25,000 reward remains valid.
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