The RAVE token was launched on Binance Alpha in December 2025, with a total supply of 1 billion. The price remained relatively stable until early April, when it began to climb from $0.25 to a high of $28.90, an increase of over 10,000%.
However, this surge abruptly ended on April 18th. Chain detective ZachXBT directly accused insiders of controlling approximately 95% of the project's circulating supply, suggesting manipulation, and offered a reward for information leading to a tip. As a result, the token plummeted by over 90% overnight, currently trading around $1.1, leaving all retail investors who bought at the peak with significant losses.
On-chain evidence: The team's address appears to have transferred funds to the exchange before the collapse.
Prior to the peak in coin price, on-chain data showed that wallets associated with the RaveDAO team had transferred 18.58 million RAVE to Bitget, a move seen as a prelude to distribution. ZachXBT also listed several addresses suspected of being linked to the RaveDAO team and exhibiting suspicious activity on Bitget and Gate, pointing out that these on-chain activities clearly contradicted RaveDAO's official announcements.
ZachXBT stated that he had directly questioned RaveDAO co-founder Yemu Xu (X account: wildwoomoo) on April 13th and 14th, but has yet to receive any substantial response.
Another key piece of information is that RAVE's liquidation amount within 24 hours was only about $52 million, yet it caused a market capitalization loss of approximately $6 billion. ZachXBT points out that this ratio points to an artificially inflated and shaky valuation structure.
ZachXBT Warning: RAVE is not an isolated case
Just tonight, ZachXBT posted again, pointing out that RAVE is not an isolated incident, but rather the most blatant case recently. He listed tokens with similarly highly suspicious price movements, including SIREN, MYX, COAI, M, PIPPIN, and RIVER. He wrote:
"Exchanges need a faster intervention mechanism. Large-scale detection is indeed not easy, but every day of delay means that retail investors bear the losses, while the platform continues to collect transaction fees."
Currently, the investigation results from the three major exchanges have not been released, and RaveDAO has not provided specific details regarding the on-chain evidence. ZachXBT's $25,000 bounty remains open, awaiting any informed individual who can provide valid, non-public corroborating evidence.
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