RAVE Crashes $6.6B as ZachXBT Spurs Binance/Bitget/Gate to Probe Manipulation
RAVE suffered a sharp selloff over the weekend after blockchain investigator ZachXBT urged major exchanges to check whether its sudden rally was manipulated. RAVE’s market value reportedly fell by more than $6.6B, wiping out nearly 98% from the Saturday high, with CoinGecko data cited at about $150M.
ZachXBT alleged that RaveDAO team-related addresses (notably on Bitget) were behind suspicious flows and that the collapse coincided with roughly $52M in liquidations in 24 hours—calling the prior price “manipulated and unsustainable.” Arkham Intelligence data also claimed wallets tied to the team sent about $24M worth of RAVE to Bitget on Sunday.
Executives at Binance, Bitget and Gate said they would investigate RAVE trading performance, but no findings were published as of Monday. RaveDAO denied involvement and said it is not responsible for the recent price action. For traders, any exchange-backed probe around RAVE manipulation increases near-term volatility risk and may keep liquidity and spreads unstable around major venues.
Bearish
For RAVE, the news flow is framed around alleged manipulation, rapid liquidation-driven selling, and potential exchange probes. That combination typically sustains a negative feedback loop: uncertainty keeps bids cautious, volatility remains elevated, and liquidity can deteriorate around major venues. While the investigation could eventually clarify facts (a possible neutralizing factor), both articles emphasize ongoing risk rather than resolution, making the near-term trading outlook for RAVE skew bearish.