RAVE Crypto Price Plunges 95% Amid Pump-and-Dump Allegations

Key Insights:

• RAVE crypto price surged over 5,600% before crashing nearly 95% in a day.
• ZachXBT alleges insider-driven pump-and-dump across major exchanges.
• Binance and Bitget have launched investigations into trading activity.

The RAVE crypto price has fallen dramatically today after an impressive run. In less than 24 hours, this cryptocurrency has lost almost everything, plunging over 100%.

However, there is a reason behind the sharp plunge in the RAVE crypto price. In this context, it is important to note that the RAVE crypto price plummet is fueled by allegations of a ‘pump and dump’ scheme.

Apparently, amid mounting questions about the scam, warnings from figures such as ZachXBT, Binance, Bitget, and others have only exacerbated the situation.

RAVE Crypto Price Slumps, Here’s Why

Recently, the crypto community is hearing a lot about the RaveDAO crypto token. This is because the RAVE crypto price has been actively increasing due to certain events surrounding the token.

Its value increased from $0.25 to $28 within nine days. In a period of 30 days, the RAVE crypto rose by a staggering 10,000%.

The token even entered the top 20 cryptocurrencies by market cap, overtaking major players like Litecoin and Avalanche. But this rally didn’t last long.

The price has since dropped sharply, falling to about $3.47 by Saturday afternoon. This marked a significant plummet of roughly 84% in a day and over 87% from its peak.

Its market cap has now slipped to around $892 million.

RAVE Crypto Price Chart | Source: TradingView

As of press time, the RAVE crypto price has further plunged to $1.56, down by about 95% in a day. Despite a 517% monthly gain, the token has dropped by 38% over the past week.

The market cap has also crashed to $392 million now, down 94%. However, the trading volume is high at $694 million, a surge of 103%.

Significantly, the fall in RAVE crypto price today is due to the accusation of an attempted pump and dump strategy, which Wu Blockchain recently pointed out.

This particular case has once again brought the dangers associated with speculative and illiquid tokens to light.

ZachXBT Accuses RaveDAO Insiders of Market Manipulation

On-chain investigator ZachXBT has accused the RaveDAO team of running a coordinated pump-and-dump scheme. According to the detective, the RAVE cryptocurrency had been subjected to manipulation on popular exchanges like Binance, Bitget, and Gate.io.

The platform claims that 90% of RAVE is held by insiders, which raised concerns over price manipulation. Based on on-chain analytics, huge volumes of RAVE tokens were transferred off and on exchanges, probably aimed at causing liquidations.

The Rave crypto price had surged over 5,600% in a week before crashing sharply, with more than $30 million in liquidations recorded in just 24 hours.

Following these allegations, Bitget CEO Gracy Chen confirmed that the exchange has launched an investigation. Binance has also said it is reviewing the situation.

ZachXBT has urged exchanges to take action and is even offering a bounty for whistleblowers to come forward.

RAVE Crypto Crash Highlights Risks of Hype-Driven Surge

It is important to note that the RAVE crypto collapse is raising fresh concerns about how unstable low-liquidity tokens can be.

Especially during rapid price swings, they can see unforeseen volatility. The sharp drop shows how quickly hype-driven rallies can fall apart when heavy selling kicks in.

This exposes extreme volatility in the process. What looked like strong upward momentum turned into a steep and chaotic decline within hours, catching many investors off guard.

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