Key Takeaways
- The RAVE token experienced an explosive 11,000%+ rally over nine days, climbing from $0.25 to $27.33 before plummeting over 90%.
- On-chain detective ZachXBT claims the RaveDAO team is aware of the individuals responsible for orchestrating the price manipulation.
- Blockchain records indicate approximately $23 million worth of RAVE tokens were dumped from addresses connected to the team, triggering a 35% decline.
- ZachXBT described RAVE as “the most blatant” case of manipulation involving major exchanges that he has witnessed.
- The token’s valuation skyrocketed from $60 million to $6 billion before erasing roughly $5.7 billion in value.
The RaveDAO RAVE token experienced one of the most volatile price movements seen in cryptocurrency markets recently. Within a span of less than 14 days, the asset skyrocketed from approximately $0.25 to an all-time high of $27.33, only to crater back below the $1 mark.
On April 9, RAVE was valued at $0.32. Within just nine days, by April 18, the token had climbed to $22.08. This represented an astronomical gain exceeding 11,000%. Following this peak, the token plunged more than 90%.
As of this writing, RAVE was changing hands around $0.60, reflecting a 24-hour decline of approximately 54%.
During its parabolic ascent, the token’s total market capitalization exploded from around $60 million to $6 billion. Subsequently, approximately $5.7 billion in value evaporated within a mere 48-hour window.
Blockchain Detective Flags Potential Market Manipulation
Renowned blockchain investigator ZachXBT publicly called attention to the token’s suspicious price behavior. On April 18, he urged major exchanges including Binance, Bitget, and Gate.io to examine potential market manipulation. After initially posting a $10,000 reward for information, he increased the bounty to $25,000 before receiving public acknowledgments from all three platforms.
ZachXBT highlighted blockchain evidence revealing that roughly $23 million in RAVE tokens were moved from a wallet designated by RaveDAO for “initial distribution” to two deposit addresses on Bitget. According to his analysis, this transaction precipitated a 40% price collapse, driving the value from $1.00 down to $0.60.
He declared: “Given the supply concentration, the team at minimum knows who is responsible for this price action.”
Arkham Intelligence data referenced by ZachXBT demonstrated that wallets associated with RaveDAO offloaded approximately $23 million in RAVE, which led to a 35% immediate price decline.
He further commented: “I find it unlikely this activity wasn’t spotted internally before I raised it publicly.”
RaveDAO Issues Denial
RaveDAO issued a rebuttal through a six-part thread on X. The project maintained it was “not engaged in, nor responsible for, recent price action” and characterized the allegations as “rumors.”
ZachXBT challenged this response directly, questioning how a token possessing “little to no utility” could organically experience growth from a $60 million to a $6 billion valuation within nine days, especially given its limited float and team-dominated initial token distribution.
He also remarked: “RAVE is not the only token with manipulation we have seen on major centralized exchanges. It’s just the most blatant, reaching a top 15 market cap within 10 days before dropping 95% in hours.”
Based on ZachXBT’s calculations, roughly $6 billion in market capitalization was eliminated as a consequence of $52 million in forced liquidations.
RAVE is currently trading near $0.60, a significant decline from its peak above $27.
The post RaveDAO (RAVE) Token Plunges 90% After Meteoric Rise: ZachXBT Points to Team Knowledge appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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