The RAVE token lost 95% of its value in a single day, wiping out $6.3 billion in market capitalization. The trigger was accusations against ZachXBT of price manipulationāhe called on Binance and Bitget to launch internal investigations and offered a reward of up to $10,000 from his personal funds to whistleblowers willing to provide evidence.
The main drop followed after Bitget announced the start of an investigation.
Binance confirmed it is reviewing all āimproper market activities,ā and Bitget also began an investigation.
The RaveDAO team denies involvement in price manipulation and stated that it plans to introduce token-burning mechanisms tied to project performance metrics.
Market cap fell from $4 billion to $410 million
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