From $26 to Under $1: RAVE’s Historic Crash Draws Investigation Calls

RaveDAO’s RAVE token saw a sharp decline over the past two days as it fell more than 60% in the last 24 hours on Monday after an earlier collapse of about 95% from $26 to near $1 on Sunday, according to data shared by prominent on-chain investigator ZachXBT.

The drop followed a series of public disclosures and exchange responses beginning April 18, when ZachXBT called on Binance, Bitget, and Gate.io to investigate suspected market manipulation involving the token. He initially offered a $10,000 bounty for information, but later raised it to $25,000 the same day.

RAVE’s Sharp Collapse

Bitget acknowledged the request publicly within hours, followed by Binance and Gate.io later in the day, while RaveDAO said it had no involvement in the activity. In the days prior, on April 13 and 14, ZachXBT said he had contacted RaveDAO co-founder Yemu Xu regarding concerns, but did not receive a response.

According to his findings, RAVE, which launched in December 2025 on Binance Alpha with a total supply of 1 billion tokens, shows a high level of concentration. It was found that a group of addresses linked to the initial distribution controlled about 95% of the supply.

He also flagged suspicious centralized exchange activity in April tied to wallets associated with the project, which included transactions involving Bitget and Gate.io deposit addresses. ZachXBT said the scale of the price decline appeared disproportionate to recorded liquidations, while adding that around $6 billion in market value was wiped out on approximately $52 million in 24-hour liquidations. He cited this as an indicator of a potentially unstable market structure.

In a subsequent update, he reported that a multisig wallet linked to the initial distribution transferred roughly 23 million RAVE tokens, which is worth around $23 million, to two Bitget deposit addresses. Following this transfer, the token’s price dropped below $0.60.

The investigator also noted that similar price movements have been observed in other tokens, such as SIREN, MYX, COAI, M, PIPPIN, and RIVER. He said he did not take any trading position in RAVE and added that the bounty for verifiable information remains open.

Coordinated Trading Activity

Another token to have drawn scrutiny is BinanceLife. The meme token climbed to a market capitalization of around $300 million after a large portion of its supply was withdrawn from Binance, according to on-chain data.

Analytics firm Bubblemaps reported that 15 wallet addresses withdrew about 13.8% of the total supply over a two-day period. Many transactions occurred within closely aligned timeframes. These wallets reportedly had no prior transaction history, which raised questions about the nature of the activity.