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 the RAVE token, following allegations by on-chain analyst ZachXBT that insiders orchestrated a significant short squeeze, resulting in the token's rapid price increase. Bitget's CEO, Gracy Chen, confirmed the exchange's investigation, while Binance's CEO, Richard Teng, stated that the platform would examine signs of market misconduct. ZachXBT has offered a $10,000 bounty for whistleblowers to come forward with evidence. The RAVE token's price surge led to over $44 million in liquidations, with nearly 90% of its supply concentrated in three Gnosis Safe wallets. Investigators have also flagged large token transfers to exchanges before the price increase. RaveDAO, the project behind the token, claims to be a Web3 platform focused on electronic music events, with a reported $3 million in revenue in 2025. The token's market behavior has raised concerns, with some alleging a 'bait and liquidate' pattern. RaveDAO has denied involvement in the price surge, stating that it plans to liquidate portions of unlocked tokens when appropriate and is exploring models to tie team incentives to ecosystem growth.