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RaveDAO's token cratered this weekend after blockchain sleuth ZachXBT called on exchanges to investigate trading tied to its surging token.

ZachXBT challenged MemeCore to justify its valuation and explain what he claimed is insider-held supply, as the onchain sleuth widened a probe after the RAVE token’s collapse.

ZachXBT questions MemeCore’s valuation and asks for proof supporting its multibillion-dollar market cap.Blockchain data shows a large share of M token supply held by a few wallets, including a Binance deposit address.Scrutiny follows the recent RAVE token collapse, with investigators flagging similar price patterns across several tokens.

OKX founder Star pledged an extra $25,000 to support ZachXBT’s investigation into suspected insider manipulation around the RAVE token.RAVE crashed about 95% from roughly $26 to near $1 in under two days, erasing billions in market capitalization after an 11,000% rally.ZachXBT says insiders controlled about 90–95% of supply and has urged Binance, Bitget and Gate to conduct internal probes and punish any employees involved.

RAVE plunged from $26 to under $1 after ZachXBT raised market manipulation concerns publicly Friday.ZachXBT said wallets linked to early distribution controlled about 95% of RAVE’s total supply.Binance, Bitget, and Gate.io acknowledged probe calls as RaveDAO denied involvement in price action.

RAVE token surged rapidly before crashing over 80%, raising concerns about trading activity and liquidity patterns.Binance and Bitget launched investigations following claims of insider control and unusual token movement patterns.RaveDAO denied involvement and plans token sales to fund operations while promising transparent growth strategies ahead.

RaveDAO denies involvement in RAVE token price surge and crash as Binance and Bitget launch investigations into suspected market manipulation.

RaveDAO said Saturday its team is “not engaged in, nor responsible for” the recent surge in its RAVE token, which jumped from $0.25 to $28 in nine days before collapsing to under $4 on Saturday.Onchain investigator ZachXBT alleged a pump-and-dump scheme, pointing to roughly 90% of supply held across three team-linked wallets, and has offered a $25,000 bounty for whistleblowers.Binance and Bitget have both confirmed they are investigating the trading activity.