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

Major cryptocurrency exchanges Binance and Bitget have launched probes into the trading activity surrounding RaveDAO's RAVE token. This comes after on-chain analyst ZachXBT alleged that insiders orchestrated a massive short squeeze, resulting in the token's rapid price increase. Bitget's CEO, Gracy Chen, confirmed the exchange's investigation, while Binance 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 token's price surge led to over $44 million in liquidations, with nearly 90% of its supply concentrated in three Gnosis Safe wallets. Token transfers to exchanges before the rally have also raised suspicions. RaveDAO, a Web3 project focused on electronic music events, has reported $3 million in revenue but its token's market behavior has been inconsistent. The token's market value briefly exceeded $6 billion before dropping, and it is now down over 50% from its peak. Claims of a 'bait and liquidate' pattern have emerged, suggesting that visible transfers may be used to lure traders into short positions. RaveDAO has denied involvement in the price action, stating that it plans to liquidate unlocked tokens 'when appropriate' and is exploring models to tie team incentives to ecosystem growth.