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

Major cryptocurrency exchanges Binance and Bitget have launched investigations into the recent trading activity surrounding RaveDAO's RAVE token, following allegations by on-chain analyst ZachXBT that insiders manipulated the market to drive the token's rapid price increase. The token's value skyrocketed by 4,500% in a week, resulting in over $44 million in liquidations. The investigation has uncovered that nearly 90% of RAVE's supply was concentrated in just three Gnosis Safe wallets, and millions of tokens were transferred to exchanges before the price surge began. RaveDAO, a Web3 project focused on electronic music events, has denied any involvement in the price manipulation, stating that it is 'not engaged in, nor responsible for, recent price action.' The project has announced plans to explore locking mechanisms to tie team incentives to ecosystem growth, but has not committed to a specific timeline or model.