- RaveDAO token plummeted 95% from $26 to lower than $1.
- RAVE was launched on Binance Alpha in December 2025.
- ZachXBT’s on-chain evaluation additionally highlights MemeCore, River, and MYX amongst questionable initiatives.
RaveDAO (RAVE) has fallen beneath $1, erasing over 95% of its early positive factors to an all-time excessive of $26.
This sharp decline adopted an investigation by blockchain analyst ZachXBT, who claimed clear indicators of worth manipulation.
The findings increase broader considerations a few potential insider-driven scheme affecting a number of tokens listed on centralized exchanges, contributing to promoting strain throughout the phase.
RaveDAO token dumping amid ZachXBT’s explosive allegations
Pseudonymous investigator ZachXBT, recognized for uncovering multi-million greenback cryptocurrency fraud, went to X on April 18, 2026 to dissect RAVE’s suspicious trajectory.
He pinpointed intensive pockets exercise that managed token liquidity and designed a synthetic pump to lure retail consumers earlier than an organized hearth sale.
“RAVE was launched on Binance Alpha in December 2025 with a complete provide of 1 billion. The next addresses linked to the preliminary distribution management roughly 95% of RAVE provide,” the on-chain detective posted.
ZachXBT dubbed this a textbook “pump-and-dump” and supplied a $25,000 bounty for proof of commerce, prompting platforms like Binance, Bitget, and Gate.io to launch an investigation.
He famous that the alternate acknowledged his name, which may replicate previous success in securing refunds and bans.
Nevertheless, ZachXBT questioned why CEX was ready for his name to acknowledge the opportunity of manipulation.
“Whereas it’s good that the alternate responded, I believe it’s unlikely that this conduct was not found internally earlier than I made it public.”
RAVE’s worth destruction unfolded relentlessly, with buying and selling quantity spiking amid mass liquidations and plummeting from $26 to lower than $1 in lower than 24 hours.
Billions of {dollars} in market capitalization evaporated, leaving holders shocked. This decline precipitated the token’s worth to drop to a low of $0.50, the place it stays as of writing on April 20, 2026.
Replace: 3 hours in the past, the multisig 0x53d7 linked to the preliminary distribution of RAVE that I flagged above despatched roughly 23 million RAVE ($23 million) to 2 Bitget deposit addresses, with the worth dropping 40% from $1 to $0.6.
Deposit tackle
0x26aC542f5a04D574580881723224DAcD1EDB9B45… pic.twitter.com/Qi1asiFWsB— Zach XBT (@zachxbt) April 19, 2026
ZachXBT hits different tokens too
Potential worth manipulation additionally extends to comparable tokens.
“RAVE isn’t the one token with manipulation that we noticed on a significant centralized alternate,” he posted.
“That is probably the most blatant, reaching the highest 15 by market capitalization inside 10 days after which dropping 95% in a matter of hours.Different initiatives with very questionable worth actions lately embody SIREN, MYX, COAI, M, PIPPIN, RIVER, and many others.”
In keeping with ZachXBT, all initiatives have proven “extremely questionable worth motion”, indicating a provide benefit by the staff.
MemeCore, RIVER, and PIPPIN costs plunged double digits to replicate the outflow of Rave tokens and cancel out latest positive factors.
Some retail merchants commented on ZachXBT’s submit, mentioning that this might be a brief promoting alternative. His reply is:
We don’t advocate shorting manipulated tokens with excessive insider focus.
— Zach XBT (@zachxbt) April 20, 2026
On the time of writing, M, River, and Siren have fallen 7-9% up to now 24 hours, in line with information from CoinMarketCap.