RaveDAO denies role in RAVE pump; Binance and Bitget probe

RaveDAO denied involvement in the RAVE token’s rapid nine-day rally and the token’s roughly 84% intraday drop, posting a six-part thread on X on Saturday as exchanges opened reviews of trading activity.

In the thread the project stated the core team “is not engaged in, nor responsible for, recent price action.” The post outlined plans to liquidate portions of unlocked tokens to fund operations, hiring, marketing and philanthropy and said the team is exploring price‑triggered or performance‑triggered locks to align incentives. “Building a movement requires resources, and we are committed to doing so sustainably and transparently,” the message added.

RAVE rose from about $0.25 to near $28 in roughly nine days before collapsing to about $3.47 on Saturday afternoon, a decline of about 84% on the day and more than 87% from its peak. CoinGecko data show the token briefly ranked near the top 20 by market capitalization at its high and had a market value of roughly $892 million after the drop.

Onchain investigator ZachXBT accused the RaveDAO team of orchestrating a pump‑and‑dump and asked major exchanges to investigate trading patterns. The investigator pointed to blockchain records indicating roughly 90% of RAVE’s 1 billion supply is held across three Gnosis Safe multi‑signature wallets attributed to the team and said about 24% of the supply was in circulation at the time of the rally.

The RaveDAO thread did not directly address the specific onchain claims or the timing of token transfers to exchanges that critics flagged ahead of the price run‑up.

Bitget exchange (see our Bitget review) opened an investigation into the trading activity, according to a post by Bitget CEO Gracy Chen on X. Binance co‑CEO Richard Teng confirmed the exchange is reviewing the situation. Gate.io was also named by the investigator as a platform to examine.

Related: Is Binance Safe in 2026: Beginner Security Guide and Risks

RaveDAO launched in 2023 and describes itself as a Web3 live entertainment platform offering onchain ticketing and community governance tied to electronic music events. The project lists partnerships with Binance, OKX, Bitget and Polygon and says it has hosted events in cities including Dubai, Singapore, Amsterdam and Hong Kong.

Market participants have focused on the token’s distribution and tokenomics because a large share of the supply appears linked to a few wallets, a structure that can concentrate price exposure if tokens are moved to exchanges. The project’s announcement that it will liquidate unlocked tokens without specifying amounts or timing left outstanding questions for observers tracking the rapid price swings.

RaveDAO’s public thread is the project’s first detailed response since the token’s surge and decline. Exchanges and blockchain analysts have begun reviewing onchain flows and transfer timing that preceded the rally.