RaveDAO has denied any involvement in the dramatic rise and collapse of its RAVE token, as major cryptocurrency exchanges Binance and Bitget launch investigations into suspected market manipulation.
The project issued a public statement saying it was “not engaged in, nor responsible for, recent price action,” after the token surged from about $0.25 to nearly $28 within days before plunging more than 80%. The sharp decline triggered widespread scrutiny from traders and analysts across the crypto market.
Exchange Investigations Into Suspicious Trading Activity
Onchain investigator ZachXBT alleged that the price movement may have been linked to a coordinated pump-and-dump scheme. He pointed to concentrated token holdings and unusual transfers to exchanges, claiming that more than 90% of the total supply could be controlled by insiders.
In response to the allegations, Binance CEO Richard Teng confirmed that the exchange is reviewing trading data related to RAVE. Bitget CEO Gracy Chen also stated that her platform has begun examining transactions tied to the token’s volatility.
RaveDAO Plans Token Sales to Fund Operations
RaveDAO acknowledged plans to sell portions of unlocked tokens to finance operations, hiring, and marketing initiatives. The team said it is exploring price-triggered and performance-based lock mechanisms to better align incentives with long-term ecosystem growth.
RAVE is currently trading near $1.26, reflecting a decline of nearly 96% in 24 hours, according to market data.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.