RAVE token plunges 98%; charts and probe warn of further drop
RAVE fell over 98% on the weekend and now faces a potential extra 50–58% decline amid charts pointing lower and an allegation of a Bitget-linked pump-and-dump.
RAVE collapsed more than 98% over the weekend and technical charts now point to a possible additional 50–58% decline in the coming weeks. On the hourly chart the token has been trading inside a descending channel defined by lower highs and lower lows.
The price pulled back after testing the channel’s upper boundary on Monday. A Fibonacci 1.618 extension measured from the recent bounce to that pullback sits near $0.30, implying roughly a 55%–58% drop from current levels if reached in April or May. The same chart setup anticipated Sunday’s fall to about $0.49.
Short-term upside has been capped around the 20-hour exponential moving average near $0.96 and a 1.0 Fibonacci line near $0.94. Until the token moves decisively above those levels, the hourly chart remains biased toward further downside toward the channel’s lower trend line.
An on-chain investigator, ZachXBT, alleged a coordinated pump-and-dump that involved major exchanges. He flagged a transfer of roughly 23 million RAVE tokens from a wallet he identified as linked to the project’s team to Bitget deposit addresses shortly before a roughly 40% flash crash. The investigator described the sequence as a pump-and-dump across multiple venues and posted a $25,000 bounty for whistleblowers. He also asserted that more than 90% of the token supply may be held by insiders.
RaveDAO denied involvement in market manipulation. The project disclosed plans to sell portions of unlocked tokens to fund operations, marketing and hiring, and said it is considering price- or performance-based locks to align incentives. In a public statement the team wrote “building a movement requires resources” and said it would explore lock mechanisms tied to outcomes.
On-chain transfers, exchange deposits and price charts are under scrutiny by independent investigators and traders. Market participants are watching for further clarification from exchanges, on-chain analysts or the project about the token transfers and trading activity.
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