Investigations Launched by Binance and Bitget into RAVE Token's 4,500% Surge Amid Insider Trading Allegations

Major cryptocurrency exchanges Binance and Bitget have initiated investigations into the sudden and significant price increase of RaveDAO's RAVE token, following allegations by on-chain analyst ZachXBT that insiders may have manipulated the market. The probe comes after a dramatic 4,500% surge in the token's value over the course of a week, resulting in the liquidation of over $44 million in RAVE positions. Notably, nearly 90% of the token's supply was held in just three wallets, and millions of tokens were transferred to exchanges shortly before the price rally began. RaveDAO, a Web3 project focused on electronic music events and blockchain-based ticketing, has denied any involvement in the price manipulation, stating that the team is not responsible for the recent price action. The project has also announced plans to explore models that tie team incentives to ecosystem growth, although no specific details have been provided.