RAVE has dropped from its all-time high of $28.90 to roughly $1.24, erasing nearly 95% of its value in just a few days. After the token’s extreme run-up and collapse, RaveDAO said it had no role in any market manipulation and maintained that its attention remains on Web3 offline events and charitable work.
In a statement posted on X, the team said it was not involved in the sharp volatility of the RAVE token and was not responsible for the recent price swings. RaveDAO described claims of insider manipulation as rumors and allegations, adding that its current work is centered on promoting Web3 adoption through offline events. The project also repeated that 20% of event profits are donated to social causes, including funding eye surgeries in remote areas of Nepal.
Supply concentration and exchange inflows drew scrutiny
Skepticism in the crypto community has not faded. Onchain investigator ZachXBT and other analysts pointed to a low-float market structure, arguing that insiders allegedly controlled more than 90% of the total supply. Critics described the rally as a manufactured liquidity event rather than an organic market move.
Tracking data cited in the report showed that 18.58 million tokens were transferred to Bitget only hours before the parabolic surge began. According to that view, the exchange inflow lured in short sellers and set off a major short squeeze, pushing the token sharply higher before a later dump. The article said RAVE had climbed as much as 10,000% before reversing.
Binance and Bitget confirm formal investigations
The fallout has reached major exchanges. Binance CEO Richard Teng and Bitget CEO Gracy Chen both confirmed that their platforms have opened formal investigations into trading activity tied to RAVE. Teng said the exchange would investigate all market misconduct. Those statements have pushed the dispute over low-liquidity tokens, concentrated ownership, and unusual price action into a more serious review stage.
As of April 19, the selloff in RAVE appeared to have stabilized, though only at a small fraction of its earlier valuation. RaveDAO said it is operating with a long-term horizon and plans to use locked tokens for hiring and marketing. Market reaction, however, remained cautious as the token hovered near pre-surge levels.