TLDR
- RAVE fell about 95% from $26 to $1 within 24 hours on April 18, 2026.
- ZachXBT said wallets tied to initial distribution control about 95% of RAVE supply.
- Binance, Bitget, and Gate acknowledged calls to review RAVE trading on April 18.
- ZachXBT raised the RAVE bounty from $10K to $25K on the same day.
- He also named SIREN, MYX, COAI, M, PIPPIN, and RIVER as suspicious cases.
A sharp RAVE collapse has pushed token trading practices back into focus. The move followed public claims from blockchain investigator ZachXBT about possible manipulation.
He said RAVE was the clearest recent case, but not the only one. He also named SIREN, MYX, COAI, M, PIPPIN, and RIVER.
RAVE crash puts exchange action in focus
RAVE fell about 95% in 24 hours, from $26 to near $1. ZachXBT described the move as one of the clearest recent cases. He called on Binance, Bitget, and Gate to investigate.
He first posted that call at 7:26 am UTC on April 18. At 10:56 am UTC, he raised a bounty from $10,000 to $25,000. The offer sought non-public evidence with support.
Bitget acknowledged the request at 11:18 am UTC. Binance followed at 2:08 pm UTC, and Gate responded at 4:19 pm UTC. RaveDAO posted at 3:06 pm UTC that it had no involvement.
ZachXBT said exchange action came only after public pressure. He wrote that daily delays leave retail traders with losses. He also said platforms still collect fees from trading volume.
Supply concentration and onchain links draw attention
According to ZachXBT, RAVE launched in December 2025 on Binance Alpha. He said the token had a total supply of one billion. He also said nine linked addresses control about 95% of supply.
He argued that this concentration points to close control over market activity. He said the team at minimum knows who drove the price action. That claim was based on the initial distribution pattern.
He also cited suspicious centralized exchange activity in April 2026. He linked Bitget and Gate deposit addresses to RaveDAO team wallets onchain. He said those links may conflict with the project’s recent statement.
In the days before the crash, he said he contacted co-founder Yemu Xu. He said those contacts took place on April 13 and 14. He added that he had not received a response.
ZachXBT widens focus beyond RAVE
ZachXBT said RAVE was only one case among several recent tokens. He named SIREN, MYX, COAI, M, PIPPIN, and RIVER. He described their price action as highly questionable.
He used liquidation data to support his public case on RAVE. He wrote that about $6 billion in market value disappeared quickly. He compared that move with about $52 million in 24-hour liquidations.
He said that ratio points to an unstable and manipulated valuation. He also said RAVE reached a top 15 market cap within 10 days. Hours later, the token had lost most of that value.
ZachXBT said he did not take a position in RAVE. He wrote, “If I had, I would have been liquidated myself.” He also said the $25,000 bounty remains open after only unverified claims arrived.
The broader message from his posts was direct. He said exchanges need faster internal action on suspected manipulation. He added that he plans to review similar moves to identify the parties behind them.
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