RaveDAO Faces Scrutiny as RAVE Token Experiences Extreme Volatility
- RAVE token surged from approximately $0.25 to nearly $28 before collapsing over 80% in value.
- ZachXBT alleged that over 90% of the RAVE token supply may be held by insiders, suggesting a potential pump-and-dump scheme.
- Both Binance and Bitget are investigating the trading activities related to RAVE.
- RaveDAO plans to sell unlocked tokens for funding operations and marketing, emphasizing sustainable growth.
- As of now, RAVE is trading at $1.36, reflecting a decline of about 94.95% in the last day.
The recent price fluctuations have raised concerns about market manipulation, prompting investigations by major exchanges into RAVE’s trading patterns. RaveDAO has denied any involvement in these price movements while outlining plans for future funding through token sales.
With RAVE’s value plummeting by nearly $27 within days, the situation highlights ongoing issues in cryptocurrency market integrity and governance.(Source)
