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

Major cryptocurrency exchanges Binance and Bitget have launched investigations into the sudden surge of RaveDAO's RAVE token, which saw a 4,500% increase in value over the course of a week, prompting allegations of insider-orchestrated market manipulation. The probe was sparked by on-chain analyst ZachXBT, who claimed that insiders had engineered a large short squeeze to drive up the token's price. Bitget's CEO, Gracy Chen, confirmed that the exchange was looking into the matter, while Binance CEO Richard Teng stated that the platform would examine signs of market misconduct. Another exchange, Gate, was also implicated in ZachXBT's investigation. A $10,000 bounty has been offered to whistleblowers who can provide evidence about the parties involved. The token's rapid rise led to over $44 million in bearish positions being liquidated in a single day, with nearly 90% of the token's supply concentrated in just three Gnosis Safe wallets at the time. Millions of tokens were transferred to exchanges shortly before the price surge, further fueling suspicions of market manipulation. RaveDAO, a Web3 project focused on electronic music events, has denied any involvement in the price surge, stating that it is 'not engaged in, nor responsible for, recent price action.' The project has announced plans to explore 'appropriate models' to tie team incentives to ecosystem growth, but has not committed to any specific mechanism or timeline.