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

Following allegations of a potentially orchestrated price surge, major cryptocurrency exchanges Binance and Bitget have initiated investigations into the trading activity surrounding RaveDAO's RAVE token. The probe was sparked by on-chain analyst ZachXBT, who claimed that insiders may have engineered a large short squeeze, resulting in the token's rapid appreciation. Bitget's CEO, Gracy Chen, confirmed that the exchange is looking into the matter, while Binance CEO Richard Teng stated that the platform will examine signs of market misconduct. ZachXBT has offered a $10,000 bounty to whistleblowers who can provide evidence about the parties involved. The token's price surge led to the liquidation of over $44 million in RAVE positions, with nearly 90% of its supply concentrated in just three Gnosis Safe wallets at the time. Millions of tokens were transferred to exchanges shortly before the rally began, further fueling suspicions of a manipulated market. RaveDAO, a Web3 project focused on electronic music events, has reported $3 million in revenue in 2025. However, the token's market behavior has been highly volatile, with its price surging from $0.30 to over $6 in a single day before receding. At its peak, the token's market value briefly exceeded $6 billion, placing it among the largest cryptocurrencies by market cap. The project has denied any involvement in the recent price action, stating that it is 'not engaged in, nor responsible for, recent price action.' RaveDAO has also announced plans to liquidate portions of unlocked tokens 'when appropriate' and is exploring models that tie team incentives to ecosystem growth.