RAVE Falls About 68% as Binance, Bitget Open Probes

RAVE fell about 68% on April 18 after Binance and Bitget opened probes into alleged pump-and-dump trading and concentrated insider control of the token’s supply. Price data across major platforms showed a rapid, cross-market selloff. Binance recorded a drop from about $28.47 to $8.98, a decline near 68%. CoinGecko and TradingView registered falls from about $27.88–$27.80 to roughly $9.46–$9.48, near 66%. Kraken showed a fall from $28.58 to $9, about a 68.5% decline.

On-chain investigator ZachXBT posted that pump-and-dump activity for $RAVE originated on Bitget, Binance and Gate and that insiders controlled more than 90% of RAVE support. He offered a whistleblower bounty initially set at $10,000 and later increased to $25,000 after community contributions.

Bitget Chief Executive Gracy Chen responded on social media: “Thanks for highlighting! We’ve started investigating into $RAVE.” Binance Chief Executive Richard Teng replied: “Thanks for flagging this with us ZachXBT. We’re looking into it. We will always do our part to investigate all market misconduct.” Both exchanges said they were reviewing the allegations.

Market records show a $42 million token transfer to Bitget before the rally, followed by a liquidity withdrawal. Data also show more than $37 million in liquidations within 24 hours on April 13. Order flow during the April 18 selloff included sharp volume spikes as prices dropped. Short-term moving averages crossed below longer-term averages during the decline.

On-chain data put RAVE’s circulating supply at about 248 million of a 1 billion total. RaveDAO posted on April 14 warning users about heightened volatility and advising against leveraged positions. The token, tied to a Web3 music and entertainment protocol, had risen more than 10,000% since April 1.

Binance, Bitget and market participants are reviewing trading records and controls to determine whether trading rules or internal controls were breached.