Following allegations of a coordinated price manipulation, major cryptocurrency exchanges Binance and Bitget have initiated investigations into the trading activities surrounding RaveDAO's RAVE token. The token experienced a remarkable 4,500% surge in value over a week, resulting in the liquidation of over $44 million in short positions. On-chain analyst ZachXBT raised concerns about the concentration of tokens in a few wallets and the transfer of millions of tokens to exchanges before the price surge. RaveDAO, a Web3 project focused on electronic music events, has stated that it is not responsible for the recent price action, but the investigation is ongoing.