RAVE Falls 95%; Binance, Bitget Open Probes

RaveDAO denied involvement in market manipulation after its native token, RAVE, fell about 95% from an all-time high of $28.90 to roughly $1.24. The price moved sharply higher and then collapsed over a short period, erasing billions in paper value; market data show the drop was recorded by April 19.

RaveDAO posted on X that the team was not responsible for the extreme price swings and called claims of insider manipulation “rumors and allegations.” The project said it remains focused on building a Web3 music and entertainment platform through offline events and philanthropic work, and that 20% of event profits go to fund eye surgeries in remote areas of Nepal. The team also said some tokens are locked for hiring and marketing as part of a long-term plan.

Onchain investigators flagged a low-float market structure and alleged that a small group of insiders controlled a large share of supply. Blockchain tracking showed 18.58 million RAVE tokens were transferred to the Bitget exchange hours before the rapid price increase. The token reportedly spiked by as much as 10,000% before reversing to its current level.

Binance and Bitget have opened formal probes into trading activity and the transfers. Binance CEO Richard Teng wrote on X, “We will always do our part to investigate all market misconduct.” Bitget confirmed it has launched an investigation and said it will review onchain evidence and trading records to determine whether exchange rules or market integrity were breached.

Traders who bought during the parabolic run experienced heavy losses when the price dropped. Analysts cited concentrated token ownership and limited liquidity as factors that can amplify price moves in markets with few trading controls. Market watchers described the price action as a short squeeze followed by a rapid sell-off driven by large holders.

RaveDAO’s public statement reiterated its event and charity plans but did not provide detailed answers about the token distribution or the timing of large transfers to exchanges. Exchanges said they will continue reviewing blockchain and trading data; any formal findings or enforcement steps have not been announced.