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

Two major cryptocurrency exchanges, Binance and Bitget, have initiated investigations into the recent trading activity surrounding RaveDAO's RAVE token. The probe comes after allegations surfaced that insiders manipulated the market, leading to a significant short squeeze that drove the token's price up rapidly. The claims were made by on-chain analyst ZachXBT, who also offered a $10,000 bounty to whistleblowers who can provide evidence about the parties involved. The token's price surged by 4,500% over a week, resulting in over $44 million in liquidations, with nearly 90% of its supply being held in just three Gnosis Safe wallets at the time. RaveDAO, a Web3 project focused on electronic music events, has denied any involvement in the price manipulation, stating that it is not responsible for the recent price action and plans to liquidate portions of unlocked tokens when appropriate.