RaveDAO's RAVE token crashed 90% from $27.33 to $1.15 on April 19, 2026, erasing over $5 billion in market capitalization after a 10,800% rally from $0.25 in just nine days. The collapse triggered investigations by Binance and Bitget into suspected pump-and-dump manipulation, while blockchain investigator ZachXBT offered a $25,000 whistleblower bounty and flagged suspicious patterns including 90% of the 1 billion token supply concentrated in three RaveDAO team wallets and millions of tokens transferred to exchanges before the rally. The volatility generated $44 million in liquidations on April 17, primarily from short sellers, ranking third behind only bitcoin and ether. RaveDAO, which presents itself as a Web3 entertainment platform with $3 million in 2025 revenue, denied responsibility for the price action but did not address specific onchain allegations and confirmed plans to liquidate unlocked tokens for operational funding.
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