RAVE token plunges 90% amid exchange probes

RaveDAO's RAVE token experienced a dramatic 90% collapse, losing approximately $5.7 billion in market value within 24 hours. This sharp decline followed investigations launched by major cryptocurrency exchanges Binance and Bitget into the token's rapid and substantial price surge. Onchain analysis suggested a significant portion of the token supply was held by team-linked wallets, with large transfers preceding the rally. While RaveDAO denied direct involvement in the trading activity, the project acknowledged plans to sell unlocked tokens to fund operations and is exploring new lockup models.