Investigations Launched into RAVE Token's 4,500% Price Surge Amid Insider Trading Allegations

Major cryptocurrency exchanges Binance and Bitget have initiated investigations into the trading activity surrounding RaveDAO's RAVE token, following allegations by on-chain analyst ZachXBT that insiders manipulated the market to drive the token's rapid price increase. Binance CEO Richard Teng and Bitget CEO Gracy Chen have both confirmed that their respective platforms are looking into the matter. ZachXBT has offered a $10,000 bounty for any whistleblower who can provide evidence about the parties involved. The RAVE token experienced a significant short squeeze, resulting in over $44 million in liquidations, with nearly 90% of its supply concentrated in just three Gnosis Safe wallets. The project, which focuses on Web3-based electronic music events, reported $3 million in revenue in 2025. The token's market value briefly exceeded $6 billion before dropping, with some claiming a 'bait and liquidate' pattern. RaveDAO has denied any involvement in the recent price action, stating that it plans to liquidate portions of unlocked tokens 'when appropriate' and is exploring models to tie team incentives to ecosystem growth.