ZachXBT alleges RAVE token insider wallets—price crashes below $1 amid Binance/Bitget probes
On-chain investigator ZachXBT alleges that insider wallets controlled roughly 90%–95% of the RAVE token supply and ran a pump-and-dump scheme: they allegedly moved millions of RAVE to Bitget ahead of a rally, then withdrew large amounts during the surge.
RAVE token launched by the RaveDAO music/events DAO reportedly jumped from around $0.25 to the $14–$26 range in early April 2026 (some reports cite near $28), before collapsing to below $1—an overall drop of more than 95%. ZachXBT also points to large wallet flows tied to Bitget deposit addresses and cites major market value losses and liquidations, suggesting unstable market structure.
After the claims, Binance and Bitget opened formal investigations into RAVE trading activity (Binance and Bitget started on April 17; status was still ongoing as of April 19). RaveDAO denied involvement and said it is not responsible for the recent price action, while declining to confirm the control figures. Traders should treat RAVE token volatility as elevated and watch exchange investigation updates and ongoing wallet-to-exchange flow evidence for follow-through risk.
For context, ZachXBT says similar price patterns appeared in other tokens as well, including SIREN, MYX, COAI, M, PIPPIN and RIVER.
Bearish
This news is bearish for the RAVE token because it centers on alleged concentrated supply control and a pump-and-dump pattern, followed by extreme drawdowns (over 95% and continuing heavy losses). Even with exchange investigations, the key immediate effect is heightened sell-pressure risk, fragile liquidity, and the likelihood of further volatility as markets reprice the token’s credibility. In the short term, traders may de-risk or demand larger discounts until wallet/exchange flow evidence and investigation outcomes are clearer; longer term, prolonged uncertainty can keep rallies capped and suppress recovery.