RAVE Token Plunges Over 50% After Insider Control Claims

RAVE token fell more than 50% on April 18, trading around $11.47 after intraday highs above $27. The decline erased much of the token’s recent gains and put its 24-hour loss at over 30%.

On-chain investigator ZachXBT and other blockchain analysts posted claims that a small group of insiders controlled a large share of RAVE supply and coordinated price pumps. ZachXBT offered a $25,000 bounty for information to identify the parties involved. One analyst estimated about 98% of the supply was concentrated across three cohorts: team wallets (95.3%), Bitget users suspected of insider access (3.1%) and a small cluster tied to Gate (0.34%).

Exchanges named in the posts opened inquiries into trading around the token. Bitget CEO Gracy Chen responded that the platform had begun reviewing trading activity. Binance and Gate also launched probes.

Rave DAO posted an April 14 notice advising users to “remain mindful of risks and to trade with caution” after observing heightened market volatility.

The rapid drop forced leveraged traders out of positions. Market data show roughly $7 million in liquidations during an earlier, nearly 50% decline. Other tokens identified by on-chain analysts have suffered similar abrupt losses.

SIREN experienced a sharp fall on April 17, with market value moving from about $1.52 billion to roughly $320 million and price sliding from about $2.10 to $0.44 at its lowest reported point. PIPPIN is down almost 97% from its peak to around $0.03, and River has moved from above $80 to about $6.78.

Traders and analysts are watching the exchange probes for details on listings, concentrated ownership and potential manipulative trading around these tokens.