RAVE Token Drops 95% After Pump-and-Dump Claims

On April 18, 2026, the RAVE token associated with the Web3 entertainment platform RaveDAO plummeted over 95 percent from its recent all-time high of nearly $28 to around $1.50, following accusations from onchain investigator ZachXBT that insiders orchestrated a pump-and-dump scheme. The allegations prompted major cryptocurrency exchanges Binance and Bitget to launch formal investigations into trading activity surrounding the token.

ZachXBT, a prominent blockchain analyst, claimed that a small group of insiders controlled more than 90 percent of RAVE's liquidity and supply, enabling them to manipulate prices by transferring millions of tokens to exchanges like Bitget ahead of a sharp rally. According to his analysis, approximately 42 million RAVE tokens were sent to Bitget when the price hovered below $0.50, with no public announcement. About 10 hours later, the token began surging, rising from around $0.27 to over $14 in seven days, a gain exceeding 5,000 percent. He alleged that insiders then withdrew about 30 million RAVE from Bitget, reducing selling pressure and triggering a short squeeze that liquidated roughly $44 million in leveraged positions, mostly bearish bets,...