RAVE plunged 95% shortly after listing, triggering manipulation allegations and exchange probes. The episode has intensified scrutiny over why Pi Network, with 18 million KYC-verified users and a live mainnet, still lacks a top-tier listing.
A suspected RAVE whale withdrew 20 million RAVE tokens (approx. $16.78M) from Bitget exchange and distributed them across eight on-chain wallets. The move sparked market speculation, with RAVE price dropping 3.02% on the day. Analysts believe it may signal OTC deals or long-term holding.
OKX said its risk engine remained fully operational during RAVE’s extreme price swings. The exchange also added a $25,000 bounty to support ZachXBT’s investigation into the incident.
RAVE jumped 245% in 24 hours and more than 3,400% over seven days, lifting its market cap to $2.4 billion. While exchange listings and strong momentum fueled the rally, concerns over low circulating supply and possible insider activity are growing.
RAVE surged more than 10,000% since April 1, briefly hitting a $6.6 billion market cap and entering the top 20. But the rally also triggered $19 million in liquidations and renewed criticism over concentrated token ownership and possible manipulation.
RAVE token plunged 68% from $28 to $9 after allegations of insider trading and pump-and-dump schemes. Binance and Bitget have opened investigations. On-chain sleuth ZachXBT claims insiders control over 90% of circulating supply, highlighting extreme concentration risks.
RAVE token surged over 10,000% since April 1, reaching $27.88 and a $6.6B market cap to enter top 20. Critics warn of 90% insider control and potential pump and dump, causing $19M in liquidations.
RaveDAO's RAVE token skyrocketed 10,000% since April 1, reaching a $6.6B market cap and entering the top 20. A brutal short squeeze liquidated 16,000 traders, while critics warn of a pump-and-dump with insiders controlling 90% of supply, echoing past crash patterns.
