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The “RAVE” coin belonging to the “RaveDAO” project plummeted, falling from US$26 to less than US$1 in a short period of time, triggering widespread doubts and investigations.
Within two days, the currency began a steep decline, losing more than 95% of its value, and then continued to lose about 60% within 24 hours.
Previously, blockchain investigator ZachXBT issued a warning calling on major platforms such as Binance, Bitget and Gate.io to investigate suspected currency manipulation.
Preliminary investigations indicate that ownership of the currency is highly concentrated, as groups associated with the initial distribution control approximately 95% of the total supply, increasing the risk of manipulation.
Large fund transfers to trading platforms were also observed before the crash, which is considered a worrying indicator.
The data showed that the currency lost billions of dollars in market capitalization despite relatively limited actual liquidations, reinforcing the hypothesis of an imbalanced market structure or coordinated sales operations.
In subsequent developments, millions of RAVE tokens were transferred to exchanges, and prices subsequently fell further, raising suspicions of insider manipulation.
RAVE is not the only case, similar patterns have been observed in other currencies, suggesting the possibility of coordinated trading behavior in some low-liquidity projects.
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