RaveDAO
Summary
RaveDAO is a Web3 entertainment and music event protocol that launched its RAVE token on Binance Alpha in December 2025. In April 2026, the token surged approximately 10,800% over nine days before collapsing ~95% within 24–48 hours, wiping an estimated $5.7–6.7 billion in market capitalization. On-chain investigator ZachXBT alleged that wallets linked to the team controlled approximately 90–95% of the 1 billion token supply and documented a bait-and-liquidate short-squeeze scheme; Binance, Bitget, and Gate.io all opened formal investigations, with outcomes not publicly concluded as of June 2026.
Connected Entities
1 entities · 10 linked investigationsTimeline(10 events)
2023-11
RaveDAO originated as an approximately 200-person crypto-conference afterparty in Istanbul.
CryptoTimes2025-12
RAVE token launched on Binance Alpha with a total supply of 1 billion tokens. All-time low of approximately $0.14 recorded around December 12, 2025.
CoinGecko / CryptoTimes2026-04-09
RAVE token began its nine-day rally, starting from approximately $0.25–$0.32. Wallets linked to the RaveDAO deployer allegedly transferred 18.58 million RAVE tokens to Bitget before the rally, per ZachXBT.
Phemex / CoinDesk2026-04-18
RAVE reached its all-time high of approximately $27.88–$27.94, briefly pushing market cap above $6 billion. ZachXBT posted a public call-to-action at 7:26 AM UTC calling on Binance, Bitget, and Gate.io to investigate, offering a $10,000 whistleblower bounty. Binance co-CEO Richard Teng and Bitget CEO Gracy Chen confirmed exchange investigations were launched.
CoinDesk / Protos2026-04-19
RAVE collapsed approximately 90–95% from its peak within 24 hours, falling below $1. An estimated $5.7–6.7 billion in market capitalization was erased. Approximately $44 million in forced liquidations occurred (primarily bearish positions). Gate.io CBO Kevin Lee also confirmed an investigation.
CoinDesk / CryptoTimes2026-04-19
RaveDAO team issued a public statement denying involvement: 'RaveDAO team is not engaged in, nor responsible, for recent price action.'
The Block2026-04-20
ZachXBT published further allegations, stating he found 'suspicious CEX activity on April 26 tied to RaveDAO team addresses onchain' and that RaveDAO 'at minimum knows who is responsible.' Whistleblower bounty raised to $25,000. RAVE price stabilized near $0.57.
CoinDesk2026-04-20
Multisig wallet (0x53d7) allegedly transferred approximately 23 million RAVE (~$23 million) to two Bitget deposit addresses, correlating with a subsequent 40% price drop, per ZachXBT.
CoinJournal2026-05
ZachXBT named RAVE alongside RIVER, SIREN, and LAB in a broader investigation accusing Bitget of enabling coordinated market-maker supply control manipulation. The four tokens were identified as following a consistent playbook operated through Chinese-affiliated centralized exchanges.
Bitcoin.com News / The Block2026-06-02
RAVE trading at approximately $0.40 (~98.5% below ATH). Exchange investigations by Binance, Bitget, and Gate.io remain unresolved with no published conclusions. No regulatory enforcement actions announced.
CoinMarketCap / CoinGeckoDecision Log
- hash: 75zkaWQEMCtgZ9NUQFXKeUsHuGauJwadZzg7qHmy7F3Q
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/2/2026, 8:47:18 PM
last updated: 6/2/2026, 8:47:31 PM
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