The RaveDAO (RAVE) token, which has recently attracted attention in the cryptocurrency market, is in the spotlight due to increased volatility and allegations of manipulation. In a statement released through the project’s official channels, investors were warned about noticeable volatility in the RAVE price.
The statement noted that users, especially those engaging in leveraged trading, should be more cautious about the risks.
On the other hand, ZachXBT, a cryptocurrency detective known for his on-chain analysis, has made serious allegations of manipulation regarding the RAVE token. According to ZachXBT, these “pump and dump” activities were organized primarily through major exchanges, including Bitget, Binance, and Gate.io. The analyst called on the administrators of these platforms to investigate the incident and remove those responsible from the system.
ZachXBT also announced it will offer up to $10,000 from its personal funds as a reward to anyone providing information about parties involved in the manipulation. In its statement, the analyst claimed that over 90% of the RAVE supply was controlled by insiders, posing a significant risk to individual investors.
Following these developments, Bitget, led by Gracy Chen, also released a statement. The company confirmed that a formal investigation has been launched into the allegations regarding RAVE.
*This is not investment advice.
