RaveDAO's RAVE (RAVE) token has plunged roughly 95% in 24 hours, falling from $26 to near $1 and wiping out about $6 billion in market value.
RAVE Collapse Explained
The rout accelerated through Sunday after on-chain investigator ZachXBT called on Binance, Bitget and Gate.io to probe suspected manipulation of the token.
He posted the request on Apr. 18, initially offering a $10,000 bounty for whistleblower evidence, then raised it to $25,000 hours later.
Bitget, Binance and Gate.io each acknowledged the request the same day. RaveDAO denied any role in the trading.
According to the investigator, RAVE launched on Binance Alpha in December 2025 with a one billion supply, and addresses tied to the initial distribution held close to 95% of that float.
He also flagged about $52 million in 24-hour liquidations, a figure he called disproportionate to the scale of the price move.
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Supply Concentration Concerns
ZachXBT noted similar patterns in SIREN, MYX, COAI, M, PIPPIN and RIVER. He said exchange delays leave retail traders absorbing the losses while platforms still collect volume-based fees.
Bitget CEO Gracy Chen confirmed the probe publicly. Binance co-CEO Richard Teng said the exchange was reviewing the matter.
RAVE's collapse followed a historic run-up. The token climbed from about $0.25 on Apr. 1 to a $27.33 peak on Apr. 17, a surge of more than 10,800% that triggered $44 million in liquidations, mostly from short sellers caught in a squeeze.
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