RAVE Plunges Below $1 After Investigation Push

The RAVE token collapsed more than 90% from its high of $27.73 following an investigation opened by on-chain detective ZachXBT, raising questions over trading conduct and market manipulation. RAVE plunges below $1 as investors scramble to understand the sudden price drop.

Investigation and Findings

ZachXBT found that a group of addresses linked to the initial distribution controlled approximately 95% of the token’s total supply, a proportion that flagged as an indicator of a potentially unstable market structure. The investigator also documented suspicious activity on centralized exchanges during April, including a multisig wallet linked to the initial distribution transferring approximately 23 million RAVE tokens, equivalent to around $23 million, to two deposit addresses on Bitget.

Suspicious Activity

• $6 billion in market value evaporated against roughly $52 million in liquidations over 24 hours
• 23 million RAVE tokens transferred to two deposit addresses on Bitget
• 95% of the token’s total supply controlled by a small group of addresses

Market Impact and Reaction

The RaveDAO team denied having carried out any intentional market manipulation and maintained that the project holds long-term objectives. However, co-founder Yemu Xu did not respond to outreach from ZachXBT made on April 13 and 14, according to the investigator himself. Total liquidations over the last 24 hours reached $15.4 million, of which $8.94 million corresponded to long positions and $6.51 million to short positions wiped out by the volatility.

Key Takeaways

• RAVE token collapsed more than 90% from its high of $27.73 following an investigation
• A small group of addresses controlled approximately 95% of the token’s total supply
• Total liquidations over the last 24 hours reached $15.4 million
• The RaveDAO team denied any intentional market manipulation

Frequently Asked Questions

What is the current price of RAVE?

The current price of RAVE is below $0.66, according to data from CoinMarketCap.

Is the RaveDAO team involved in market manipulation?

The RaveDAO team denied having carried out any intentional market manipulation and maintained that the project holds long-term objectives.