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> **Note:** The manipulation claims here are allegations from on-chain investigators and exchanges' own statements; investigations were reported as ongoing and no findings are asserted as proven.

## Summary

In mid-April 2026, RaveDAO's $RAVE rose more than 6,000% in under seven days — from roughly $0.25 to a peak reported between about $19 and $28 — before reversing sharply and ultimately falling around 98% from its high. [1][2]

## Manipulation allegations

On-chain investigator ZachXBT and others characterized the move as an orchestrated pump-and-dump run across Bitget, Binance and Gate, with insiders reportedly controlling over 90% of supply (concentrated in roughly three wallets). Wallets linked to the scheme were said to have moved about $42M of RAVE onto Bitget, baiting traders into short positions that were then squeezed and liquidated (~$43M in liquidations) before the dump. Binance and Bitget said they were investigating the market-manipulation claims after the weekend crash. [2][3]

_Bracketed numbers refer to the numbered sources listed below._

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