Investigator Flags Token Manipulation After RAVE’s 95% Crash
On-chain investigator ZachXBT tied RAVE’s 95% drop to concentrated supply and suspicious exchange trades, and named SIREN, COAI, MYX, PIPPIN and RIVER as other tokens of concern.
On April 19, on-chain investigator ZachXBT posted a thread on X outlining a 95% price drop in the token RAVE that occurred within about 24 hours after the token briefly entered the top 15 by market capitalization. The thread links the decline to concentrated token holdings and unusual trading activity on centralized exchanges.
ZachXBT wrote that RAVE launched in December 2025 on Binance Alpha with a total supply of one billion tokens. Addresses tied to the initial distribution held about 95% of that supply. He reported that RAVE fell from roughly $26 to about $1 in a single day and noted centralized exchange trades in April 2026 that, on-chain, connect to addresses linked to the project team.
Beginning April 18, the investigator asked Binance, Bitget and Gate to review RAVE trading and offered a $10,000 bounty for information, later increasing the offer to $25,000. Each exchange acknowledged the request on the same day. RaveDAO rejected involvement in the trading activity, and ZachXBT said he contacted RaveDAO co-founder Yemu Xu on April 13 and 14 without receiving a response.
ZachXBT expanded his review to other tokens, listing SIREN, MYX, COAI, M, PIPPIN and RIVER. He reported that on-chain analytics identified a single cluster of wallets controlling roughly half of SIREN’s supply across 47 addresses and traced that cluster to wallets linked to several tokens associated with a common developer network.
For other projects, the investigator flagged specific technical or market vulnerabilities. COAI’s proxy contract ownership remains unrenounced, leaving administrative control in place. RIVER shows a low circulating-supply profile that can concentrate price moves. PIPPIN experienced a derivatives-driven liquidation cascade. MYX displayed extreme funding conditions, and the token named M drew allegations that certain platform staff had access that could permit front-running or user deanonymization.
On the RAVE episode, ZachXBT summarized the price swing: “A summary of the RAVE -95% price fluctuation from $26 to $1 over the past 24 hours.” He also called for faster exchange action, writing: “Exchanges need faster intervention on manipulation. Detection at scale isn’t easy, but each day of delay means retail traders absorb losses while platforms collect fees on the volume. The outcome is the same regardless of intent.”
Exchanges have confirmed receipt of the investigator’s requests for review. Public updates beyond those acknowledgments have been limited. ZachXBT said he will continue investigating similar price moves to identify responsible parties and to document patterns that may expose retail traders to risk.
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