BlockBeats News, April 19th. On-chain detective ZachXBT released a summary of the RAVE token market manipulation event, stating that RAVE’s price plummeted by 95% in the past 24 hours, dropping from $26 to $1 in a straight line crash. Yesterday, a post was made calling on major exchanges to investigate the RAVE market manipulation and offering a $10,000 reward, which was later increased to $25,000.
ZachXBT stated that RAVE was launched on Binance Alpha in December 2025, with a total supply of 10 billion tokens. A cluster of 9 addresses (related to the initial allocation provided by Mlm) currently controls around 95% of RAVE’s circulating supply. Suspicious centralized exchange transfers were also found in April 2026.
ZachXBT claimed that a simple test could illustrate the issue: a 24-hour settlement of only $52 million wiped out a $6 billion market cap. This disproportionate ratio clearly indicates an unsustainable valuation caused by manipulation. RAVE is not the only token manipulated on mainstream centralized exchanges, but it is the most blatant one, skyrocketing into the top 15 market cap within just 10 days of listing, then crashing by 95% in a few hours. Other projects with recent price trends highly suspicious include: SIREN, MYX, COAI, M, PIPPIN, RIVER.
ZachXBT called for exchanges to intervene more quickly in manipulative behavior. While large-scale detection is indeed challenging, every day of delay exposes retail investors to losses while exchanges continue to collect trading fees. Regardless of the motive, the outcome is the same. Although exchanges eventually responded, ZachXBT believes that such abnormal activities could not have gone completely unnoticed internally before. ZachXBT plans to continue investigating similar anomalies to identify the parties responsible behind the scenes.
ZachXBT reiterated that he does not hold any RAVE positions. The $25,000 reward is still valid—private messages received so far are unverified claims and have not provided non-public information or supporting evidence.
