RAVE crash for $6.6B as ZachXBT push Binance/Bitget/Gate make dem investigate manipulation
RAVE suffer sharp selloff over di weekend after blockchain investigator ZachXBT tell big exchanges make dem check if di sudden rally bin manipulated. Report talk say RAVE market value drop over $6.6B, nearly 98% wiped from Saturday high, CoinGecko data show 'bout $150M.
ZachXBT claim say addresses wey related to RaveDAO team (especially for Bitget) dey behind suspicious flows and say di crash happen with about $52M liquidation inside 24 hours—him call di earlier price "manipulated and unsustainable." Arkham Intelligence also say wallets wey linked to di team send about $24M worth of RAVE to Bitget on Sunday.
Executives for Binance, Bitget and Gate talk say dem go investigate RAVE trading, but as Monday nobody publish findings. RaveDAO deny say dem involved and say dem no responsible for di recent price action. For traders, any exchange-backed probe on RAVE manipulation fit raise short-term volatility risk and fit make liquidity and spreads unstable for major venues.
Bearish
For RAVE, di tori dem dey talk na about alleged manipulation, quick liquidation-driven selling, an say exchanges fit dey probe. Dis kain combination dey usually keep negative feedback loop: uncertainty dey make bidders dey cautious, volatility dey high, an liquidity fit go down for major venues. Even though investigation fit clear tins later (fit calm am), both articles dey stress say risk still dey front, no solution yet, so near-term trading outlook for RAVE lean bearish.