Binance and Bitget Launch Probe into RAVE Token's 4,500% Price Surge Amid Insider Trading Allegations

Following allegations of a coordinated price pump, major cryptocurrency exchanges Binance and Bitget have initiated investigations into the trading activities surrounding RaveDAO's RAVE token. The token's value skyrocketed by 4,500% in a week, resulting in the liquidation of over $44 million in short positions. On-chain data revealed that nearly 90% of the token's supply was held in just three wallets, and millions of tokens were transferred to exchanges before the price surge. 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. The project has announced plans to explore new token lock models that tie team incentives to ecosystem growth.