Binance and Bitget Investigate RAVE Token's 4,500% Surge Amid Insider Trading Allegations

Major cryptocurrency exchanges Binance and Bitget have launched investigations into the recent trading activity surrounding RaveDAO's RAVE token. This comes after on-chain analyst ZachXBT alleged that insiders orchestrated a large short squeeze, resulting in the token's rapid price increase. Bitget's CEO, Gracy Chen, confirmed the investigation, while Binance's CEO, Richard Teng, stated that the platform would examine signs of market misconduct. ZachXBT has offered a $10,000 bounty to whistleblowers who can provide evidence about the parties involved. The little-known project saw a significant rally, with over $44 million in RAVE positions getting liquidated in a single day, following a 4,500% surge over a week. Nearly 90% of the token's supply was concentrated in three Gnosis Safe wallets, and millions of tokens were transferred to exchanges before the price surge. RaveDAO, a Web3 project focused on electronic music events, has reported $3 million in revenue in 2025. The token's market behavior has raised concerns, with some claiming a 'bait and liquidate' pattern. RaveDAO has denied any involvement in the recent price action and plans to liquidate portions of unlocked tokens when appropriate.