RaveDAO Responds to Manipulation Allegations as Binance, Bitget Open Inquiries

RAVE’s surge and crash raise concerns over supply control, prompting exchange reviews and market scrutiny.

Rapid price swings in the RAVE token have drawn sharp attention across the crypto market. A steep rally followed by a sudden collapse triggered accusations of coordinated activity. In response, RaveDAO issued a public statement rejecting claims of involvement. Meanwhile, major exchanges have begun reviewing trading behavior tied to the token.

Violent Reversal Sparks Scrutiny Over Token Distribution and Timing

RaveDAO said it had no role in the recent price movement of its native token, RAVE. In a thread on X, the team stated it was not responsible for the surge or the subsequent drop. However, the statement avoided addressing specific onchain concerns raised by critics, including token concentration and transfer timing.

Price action had been extreme. RAVE climbed from around $0.25 to nearly $28 within nine days, based on data from CoinGecko. At its peak, the token briefly entered the top 20 by market capitalization, overtaking assets like Litecoin and Avalanche. The rally quickly reversed, with RAVE falling by more than 80% in a single day and trading near $3.47.

Image Source: CoinGecko

Onchain investigator ZachXBT accused the team of orchestrating a pump-and-dump scheme. He pointed to claims that roughly 90% of the total supply sits across three multi-signature wallets linked to the project. Circulating supply remains limited, estimated at about 24% of total tokens.

RaveDAO Faces Questions Over Supply Control as RAVE Price Action Unravels

Following these allegations, exchanges began assessing the situation. Bitget CEO Gracy Chen confirmed an internal investigation into trading activity. Soon after, Binance co-CEO Richard Teng stated that Binance had also begun reviewing the case. Other platforms, including Gate.io, were mentioned in calls for further scrutiny.

The network also outlined plans to sell portions of unlocked tokens. Proceeds would support operations, hiring, and marketing efforts. The team added that it is considering performance-based token locks to align incentives with long-term growth.

RaveDAO, which was founded about three years ago, positions itself as a Web3 entertainment platform. It focuses on onchain ticketing and community governance for live events. The project has reported partnerships with firms such as OKX and Polygon, as well as hosting events in cities such as Dubai and Amsterdam.

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