Web3 investigator ZachXBT has flagged RAVE token as a potential pump-and-dump scheme after it surged 4,500% in one week during April 2026, jumping from $0.30 to over $27 and briefly reaching a $6 billion market cap. Nearly 90% of the token supply was concentrated in just three Gnosis Safe wallets, and over $44 million in mostly bearish positions were liquidated in a single day, suggesting a coordinated short squeeze. Major exchanges Binance and Bitget have opened investigations into the trading activity, while ZachXBT offered a $10,000 bounty for whistleblower evidence. RaveDAO, which presents itself as a Web3 electronic music platform, denies team responsibility for the price action but confirmed plans to liquidate unlocked tokens when appropriate.
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