On-chain investigator ZachXBT has released a detailed timeline of the RAVE token collapse, arguing that a small cluster of addresses controlled roughly 95% of the supply. According to the figures cited in the report, RAVE fell from $26 to around $1 within 24 hours, wiping out more than $6 billion in market value. The speed of the move put heavy losses on traders who bought near the top.
The source material says RAVE was listed on Binance Alpha in December 2025 with a total supply of 1 billion tokens. Price action had been relatively muted before a sharp rally began in early April, taking the token from $0.25 to a peak of $28.90, a gain of more than 10,000%. That rally broke down on April 18.
Exchange transfers are central to the allegations
ZachXBT said wallets linked to the RaveDAO team sent 18.58 million RAVE to Bitget before the collapse. He also identified several addresses that he believes are tied to the team and showed suspicious activity on Bitget and Gate. In his view, those on-chain movements conflict with RaveDAO’s public statements.
He added that he directly questioned RaveDAO co-founder Yemu Xu, whose X account is wildwoomoo, on April 13 and April 14, but received no substantive response. Another figure he highlighted was the liquidation total: roughly $52 million over 24 hours, compared with about $6 billion in erased market capitalization. He argued that the gap points to a valuation structure that had been artificially inflated and lacked depth.
Warning expands beyond one token
In a later post, ZachXBT said RAVE was not an isolated case but simply the most blatant recent example. He named SIREN, MYX, COAI, M, PIPPIN, and RIVER as other tokens showing highly suspicious price behavior.
He also called for faster intervention by exchanges, saying broad detection is difficult at scale but that each day of delay leaves retail users carrying the losses while platforms continue collecting trading fees. At the time of the source report, the investigation results from the three exchanges had not been released, and RaveDAO had not provided a detailed explanation addressing the on-chain evidence. ZachXBT’s $25,000 bounty for valid non-public information remains open.