RAVE Token Crash: ZachXBT Exposes $5B Market Manipulation

• RAVE surged by an astronomical 10,000%, before crashing down more than 90%.
• ZachXBT accused the RaveDAO’s team and its co-founder of supporting market manipulation.
• Arkham data showed that market-maker trading addresses held over 750 million tokens.

RAVE token, linked to the RaveDAO, has crashed more than 90% in a matter of days, wiping out billions in market value.

The collapse came right after a huge rally where RAVE surged up from roughly $0.25 at the start of April to approximately $27 on April 18. This represents an astronomical 10,000% increase, which helped RAVE hit a market cap of over $5 billion.

However, shortly after the peak price, the token fell below $1, with over 90% of its value erased within 48 hours. 

Before the crash, multiple users and analysts in the community warned and pointed to signs of coordinated price manipulation.

For instance, a crypto on-chain investigator, ZachXBT, flagged RaveDAO’s community support post, calling it classic PR from a team that holds over 90% of RAVE and was manipulating the price on exchanges.

He also posted a screenshot of his message to the RaveDAO co-founder, accusing the team of supporting market manipulation with sketchy market makers and distributing tokens from initial addresses to the biggest traders. No response was given from RaveDAO’s co-founder.

Others, such as on-chain analyst Ai, found out that before the crash, a small number of wallets controlled a massive portion of the supply. The analyst shared Arkham’s data, showing that market maker trading addresses had over 750 million tokens, worth around $10.3 billion.

RAVE’s Crash Timeline

Following the huge price drop, ZachXBT posted a timeline with all the details of the RAVE token decline. He linked it to manipulation by a handful of wallets that held about 95% of the 1 billion supply from the start, including RaveDAO’s own wallets.

The timeline includes ZachXBT’s April 18 demands that Binance, Bitget, and Gate.io investigate the whole situation, a $25,000 bounty, the exchanges acknowledging the issue, RaveDAO denying it, past run‑ins with co‑founder Yemu Xu, and proof that team‑related wallets sent funds to CEXs.

Interestingly, he also pointed to other recent projects with “highly questionable price action”, including SIREN, MYX, COAI, M, PIPPIN, and RIVER.

At the time of writing, RAVE is trading at approximately $0.7267, with its market cap dropping to $187 million.

Related: RAVE Crashes From $27 ATH to Near $11 After Violent Reversal