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 recent trading activity surrounding the RAVE token, following allegations by on-chain analyst ZachXBT that insiders manipulated the market to trigger a significant short squeeze. The token's price skyrocketed by 4,500% in a week, resulting in over $44 million in liquidations. ZachXBT has offered a $10,000 bounty for whistleblowers to come forward with evidence. Approximately 90% of RAVE's supply was concentrated in three Gnosis Safe wallets, and millions of tokens were transferred to exchanges before the price surge. RaveDAO, the project behind the token, claims to focus on Web3 electronic music events and has reported $3 million in revenue in 2025. However, the token's market behavior has raised suspicions, with some alleging a 'bait and liquidate' pattern. RaveDAO has denied any involvement in the price manipulation, stating that it plans to liquidate portions of unlocked tokens 'when appropriate' and is exploring incentive models tied to ecosystem growth.