RAVE Token Prices Plummet Amid Insider Manipulation Allegations

A surge in the price of RAVE tokens has led to allegations of insider manipulation in the cryptocurrency market. On-chain sleuth ZachXBT has accused a group controlling more than 90% of the token's circulating supply of orchestrating trades across three major exchanges, including Binance, Bitget, and Gate.

ZachXBT cited on-chain data showing $42 million in RAVE transactions to Bitget, followed by $32 million withdrawn shortly after. This maneuver is believed to have stripped sell pressure from order books and triggered forced liquidations, resulting in over $30 million in derivatives liquidations within 24 hours.

In response to the allegations, Bitget CEO Gracy Chen acknowledged ZachXBT's highlighting of the issue and stated that an investigation had been launched. However, no further details were provided.