Binance and Bitget to Investigate RAVE Token After 4,500% Surge Amid Pump-and-Dump Allegations

Apr 18, 2026

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.

Exchange Investigations into RAVE Token Trading Activity

▪ZachXBT offered a $10,000 bounty to whistleblowers who come forward privately to share evidence about the parties involved in the RAVE token manipulation.

Evidence of Market Manipulation and Supply Concentration

▪RAVE token traded below $0.50 for most of its history before surging in April 2026.
▪RAVE token rallied 4,500% over the course of a week in April 2026.
▪RAVE token jumped from about $0.30 to over $6 in a single day in April 2026.
▪RAVE token climbed past $27 before starting to recede after its initial surge.
▪Nearly 90% of RAVE token supply was concentrated in just three Gnosis Safe wallets at the time of the price surge.
▪RAVE token's market value briefly exceeded $6 billion at its peak, placing it among the largest cryptocurrencies by market cap.
▪Over $44 million in RAVE positions, most of which were bearish, were liquidated in a single day.

RaveDAO's Response and Inaccessible Bitcoin Holdings

▪RaveDAO presents itself as a Web3 project focused on electronic music events, offering blockchain-based ticketing and community governance.
▪RaveDAO disclosed a 4,500 BTC wallet that it cannot access due to missing private keys linked to a former CEO who is now missing.
▪RaveDAO traces its origins to a 2023 afterparty in Istanbul.
▪RaveDAO reported about $3 million in revenue in 2025.