Binance Bitget probe Rave token 90% crash claims

Binance and Bitget said they are investigating allegations of market manipulation after the RAVE token plunged about 90% following a rapid surge.

The token, issued by RaveDAO, rose roughly 7,000% in early April to a $5 billion valuation before collapsing within hours.

“We will always do our part to investigate all market misconduct,”

Said Binance CEO Richard Teng.

Onchain data shows around 75% of the token supply is held in a single wallet linked to the project, with roughly 85% concentrated across a few wallets, limiting circulating supply.

Critics argue that such concentration can enable large price swings, as smaller circulating supply makes it easier to move markets with relatively modest trades.

Investigators have also pointed to suspicious transactions, including large token deposits and withdrawals around the time of the price surge, though no wrongdoing has been proven.

The case adds to broader concerns about manipulation in newly launched tokens, as regulators and exchanges face increasing pressure to address risks in highly speculative crypto markets.

At the time of reporting RaveDAO price was $1.36.