RaveDAO denies manipulation as Binance, Bitget probe RAVE trading activity

RaveDAO has denied any role in the recent surge and sharp collapse of its RAVE token, as major crypto exchanges open probes into trading activity following allegations of market manipulation.

In a thread posted on X, the project said it was “not engaged in, nor responsible for, recent price action,” responding to mounting scrutiny after RAVE soared from roughly $0.25 to nearly $28 within days before plunging more than 80%.

The denial comes as onchain investigator ZachXBT accused the project of orchestrating a pump-and-dump scheme, pointing to concentrated token holdings and suspicious exchange flows. He claimed that more than 90% of the token supply may be controlled by insiders, calling on exchanges to take action.

Source: ZachXBT

Both Binance and Bitget confirmed they are reviewing the situation. “We’re looking into it,” Binance CEO Richard Teng wrote, while Bitget CEO Gracy Chen said the exchange had “started investigating” RAVE trading activity.

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RaveDAO plans token sales to fund growth

RaveDAO also outlined plans to sell portions of unlocked tokens to fund operations, marketing and hiring. The team said it is exploring “price-triggered or performance-triggered locks” to better align incentives.

“Building a movement requires resources,” the project wrote, adding it aims to do so “sustainably and transparently.”

RaveDAO is a Web3-based entertainment project that combines electronic music events with blockchain technology, aiming to onboard users into crypto through real-world experiences like festivals and parties. It operates as a decentralized community where attendees receive NFTs for participation, while its RAVE token is used for governance, ticketing and access to events.