100x coin crashes overnight! Binance and Bitget launch investigations into "manipulation allegations," $RAVE plunges 90% in a single day.

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The native token $RAVE of RaveDAO was soaring just last week, but has now collapsed amidst exchange investigations and market skepticism, with over $6.5 billion in market capitalization evaporating in just two days, making it the center of the most high-profile storm in the market. The most dramatic scene in the crypto space recently unfolded last week, when the native token $RAVE of the Web3 music platform RaveDAO had just created a wealth-generating myth with a market cap exceeding $6.7 billion. The bizarre surge not only shocked the market but also drew the attention of Binance and Bitget, both of which announced investigations, causing the price of $RAVE to plummet by 90% like a freefall in just 24 hours. According to CoinGecko data, since hitting an all-time high of $27.33 on April 18, the price of $RAVE has plunged more than 97%, trading at $0.557 at the time of writing, with a market cap of only $138 million. The fuse for this storm originated from allegations by well-known on-chain sleuth ZachXBT, who not only named several trading platforms but also offered a $25,000 bounty, calling for insiders to provide evidence of market manipulation. In response, Bitget CEO Gracy Chen was the first to confirm on the social platform X that an investigation had been launched; Binance co-CEO Richard Teng subsequently stated that the platform is closely reviewing the matter and will continue to fulfill its responsibility to combat market misconduct. Another exchange, Gate, was also named in this controversy. Facing overwhelming skepticism, the official RaveDAO team issued an emergency statement on April 18 in an attempt to clarify, insisting that the team "is not engaged in, nor responsible for, recent price action." 1/ We are aware of the rumors and accusations circulating regarding $RAVE and RaveDAO team. We want to be clear: RaveDAO team is not engaged in, nor responsible for, recent price action. We take transparency seriously and remain humbled by the attention, but our focus is on the… — RaveDAO (@RaveDAO) April 18, 2026 However, this statement not only failed to stabilize the project's footing but became the final straw that broke market confidence, triggering an even more violent sell-off. The reason the market did not buy it is that the official statement completely avoided the core issues, failing to directly address the key suspicions investors are most concerned about, including: 1. Highly concentrated chips: Out of a total supply of 1 billion $RAVE tokens, as much as 90% are concentrated in 3 Gnosis Safe multi-sig wallets attributed to the official team; 2. Suspicious fund flows: On the eve of the price surge, millions of tokens were quietly transferred to major exchanges. Looking back at this astonishing rally, $RAVE skyrocketed from $0.25 to $27.33 in just 9 days, an incredible increase of 10,800%. It triggered a $44 million liquidation wave last Friday, with a liquidation scale second only to Bitcoin and Ethereum, and the vast majority of victims were short sellers betting on a price decline. Investigators believe this is likely a "Bait and Liquidate" manipulation pattern: first, deliberately transfer a huge amount of tokens to exchanges to create the illusion of "preparing to dump," inducing retail investors to short; then, quickly withdraw these tokens from the exchanges while violently pumping the price, forcing short sellers to cover their positions at high prices. RaveDAO has always positioned itself as a Web3 entertainment platform, focusing on providing on-chain ticketing services for electronic music events. The project originated from an after-party in Istanbul in 2023. It not only generated approximately $3 million in revenue in 2025 but also claimed to have established partnerships with Binance, OKX, Bitget, and Polygon. Despite desperately trying to clear itself of suspicions of market manipulation, RaveDAO did admit in its statement that the team intends to "sell some unlocked tokens" at an appropriate time to inject funds into operations and marketing. The official team added that they are currently developing appropriate mechanisms, such as lock-up models triggered by price or performance, in an attempt to tie team interests to the growth of the ecosystem. However, regarding the specific lock-up mechanism and timeline that the market cares about most, the official team has yet to provide a clear commitment, leaving investors with nothing but an unresolved fog.

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