Bitget CEO Draws GameStop Parallel As RaveDAO (RAVE) Falls Nearly 100%
BeInCrypto
RaveDAO (RAVE) plummeted nearly 100% following insider manipulation allegations, prompting comparisons to the 2021 GameStop frenzy by Bitget's CEO.Summary
RaveDAO (RAVE) experienced a massive collapse, losing over 95% of its value and $6.3 billion in market capitalization shortly after a period of extreme growth. Bitget CEO Gracy Chen compared the event to the 2021 GameStop short squeeze, citing shared psychological drivers like FOMO and collective action. On-chain analyst ZachXBT alleged that insiders controlled nearly 90% of the token's supply, while the RaveDAO team denied responsibility for the market crash. The incident has led to scrutiny of how exchanges handle extreme volatility, with some users criticizing Bitget's professional conduct during the sell-off.
(Source：BeInCrypto)