RaveDAO (RAVE) Price: ZachXBT Says Team ‘At Minimum Knows’ Who Crashed the Token

TLDR

• RAVE token surged over 11,000% in nine days, going from $0.25 to $27.33, then crashed more than 90%.
• Blockchain investigator ZachXBT alleges the RaveDAO team knows who was behind the price manipulation.
• On-chain data shows roughly $23 million in RAVE was sold from team-linked addresses, causing a 35% price drop.
• ZachXBT called RAVE “the most blatant” example of exchange-linked manipulation he has seen.
• The token’s market cap swung from $60 million to $6 billion and back, wiping out roughly $5.7 billion.

RaveDAO’s RAVE token had one of the most dramatic price swings in recent crypto history. The token went from around $0.25 to a peak of $27.33 in under two weeks, then collapsed back below $1.

The token was priced at $0.32 on April 9. By April 18, it had reached $22.08. That is a rise of over 11,000% in just nine days. Since then, it has fallen more than 90%.

At the time of writing, RAVE was trading near $0.60, down around 54% in 24 hours.

The token’s market capitalization went from roughly $60 million to $6 billion during the surge. It then shed approximately $5.7 billion in just 48 hours.

ZachXBT Raises Manipulation Concerns

Blockchain investigator ZachXBT publicly flagged the token’s price action. He urged Binance, Bitget, and Gate.io to investigate possible market manipulation on April 18. He initially offered a $10,000 bounty for information, but only received public responses from all three exchanges after raising it to $25,000.

ZachXBT pointed to on-chain data showing roughly $23 million in RAVE tokens were transferred from a wallet used by RaveDAO for “initial distribution” to two Bitget deposit addresses. He says this transfer caused a 40% price drop, from $1.00 to $0.60.

He stated: “Given the supply concentration, the team at minimum knows who is responsible for this price action.”

Arkham data cited by ZachXBT showed RaveDAO-linked addresses sold roughly $23 million in RAVE, contributing to a 35% short-term price drop.

He added: “I find it unlikely this activity wasn’t spotted internally before I raised it publicly.”

RaveDAO Denies Involvement

RaveDAO responded in a six-part post on X. The project stated it was “not engaged in, nor responsible for, recent price action” and described the accusations as “rumors.”

ZachXBT pushed back directly, questioning how a token with “little to no utility” could organically grow from a $60 million to a $6 billion market cap in nine days with a low float and team-controlled initial distribution.

According to ZachXBT, approximately $6 billion in market cap was wiped out as a result of $52 million in forced selling.

RAVE currently trades near $0.60, down from its peak of over $27.

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