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

RaveDAO’s RAVE token noticed a pointy decline over the previous two days because it fell greater than 60% within the final 24 hours on Monday after an earlier collapse of about 95% from $26 to close to $1 on Sunday, in accordance to knowledge shared by distinguished on-chain investigator ZachXBT.

The drop adopted a sequence of public disclosures and change responses starting April 18, when ZachXBT referred to as on Binance, Bitget, and Gate.io to examine suspected market manipulation involving the token. He initially supplied a $10,000 bounty for info, however later raised it to $25,000 the identical day.

RAVE’s Sharp Collapse

Bitget acknowledged the request publicly inside hours, adopted by Binance and Gate.io later within the day, whereas RaveDAO mentioned it had no involvement within the exercise. In the times prior, on April 13 and 14, ZachXBT mentioned he had contacted RaveDAO co-founder Yemu Xu concerning issues, however didn’t obtain a response.

According to his findings, RAVE, which launched in December 2025 on Binance Alpha with a complete provide of 1 billion tokens, exhibits a high stage of focus. It was found {that a} group of addresses linked to the preliminary distribution managed about 95% of the provision.

He additionally flagged suspicious centralized change exercise in April tied to wallets related to the mission, which included transactions involving Bitget and Gate.io deposit addresses. ZachXBT mentioned the size of the worth decline appeared disproportionate to recorded liquidations, whereas including that round $6 billion in market worth was worn out on roughly $52 million in 24-hour liquidations. He cited this as an indicator of a doubtlessly unstable market construction.

In a subsequent replace, he reported {that a} multisig pockets linked to the preliminary distribution transferred roughly 23 million RAVE tokens, which is price round $23 million, to two Bitget deposit addresses. Following this switch, the token’s value dropped under $0.60.

The investigator additionally famous that related value actions have been noticed in different tokens, resembling SIREN, MYX, COAI, M, PIPPIN, and RIVER. He mentioned he didn’t take any buying and selling place in RAVE and added that the bounty for verifiable info stays open.

Coordinated Trading Activity

Another token to have drawn scrutiny is BinanceLife. The meme token climbed to a market capitalization of round $300 million after a big portion of its provide was withdrawn from Binance, in accordance to on-chain knowledge.

Analytics agency Bubblemaps reported that 15 pockets addresses withdrew about 13.8% of the full provide over a two-day interval. Many transactions occurred inside intently aligned timeframes. These wallets reportedly had no prior transaction historical past, which raised questions in regards to the nature of the exercise.

BinanceLife, launched in October 2025 as a meme token impressed by a joke from Yi He, had beforehand witnessed temporary peaks earlier than fading. The latest rally drew consideration due to the focus of provide actions and the chance {that a} single entity could also be concerned.

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