RaveDAO's RAVE token collapses 90% in a day as exchange probes widen
CoinDesk
The RAVE token plummeted 90% following allegations of market manipulation and investigations by major exchanges like Binance and Bitget.Summary
RaveDAO's RAVE token lost over 90% of its value in 24 hours, erasing $5 billion in market capitalization. The crash followed reports from onchain investigator ZachXBT alleging a 'bait and liquidate' scheme, where the team allegedly manipulated price action to trap short sellers. Exchanges including Binance and Bitget have launched investigations into the token's suspicious rally. While RaveDAO denied involvement in price manipulation, the project failed to address specific concerns regarding the concentration of its token supply in team-controlled wallets.
(Source：CoinDesk)