The music stopped abruptly for RaveDAO this weekend after prominent pseudonymous sleuth ZachXBT called on exchanges to investigate trading tied to the little-known entertainment collective’s token—a request that apparently spooked investors, swiftly wiping out billions of dollars in value in the process.

RAVE’s market cap has plunged more than $6.6 billion since Saturday, almost immediately after the crypto industry’s most recognized blockchain investigator called on exchanges Binance, Bitget, and Gate to investigate whether RAVE’s price was being manipulated.

Now worth $150 million, according to CoinGecko, the token’s total value has collapsed nearly 98% since ZachXBT vocalized his suspicions in an X post. In less than two weeks, RAVE had become one of the crypto sector’s most valuable tokens, rising seemingly out of nowhere.

RAVE’s owners can use the token to do things like establish local chapters under RaveDAO’s brand, purchase tickets, and participate in NFT releases. “The result is an economy that grows through real activity and cultural reach, not short-term speculation,” RAVE’s white paper states.

As the token fell on Saturday, RaveDAO claimed that “is not engaged in, nor responsible for, recent price action.” However, ZachXBT said that he found suspicious activity tied to addresses linked to RaveDAO’s team this month, particularly on Bitget.

Because RAVE’s fall coincided with $52 million in liquidated positions during a 24-hour period, the sleuth said the token’s once-dizzying valuation pointed to “a manipulated and unsustainable valuation” that warrants faster intervention among exchanges.

Bitget CEO Tracy Chen, Binance CEO Richard Teng, and Gate Chief Business Officer Kevin Lee all indicated that their respective firms were looking into the token’s recent performance. As of Monday, the exchanges had yet to report back on what they discovered.



On Sunday, wallets linked to RaveDAO’s team sent RAVE tokens worth $24 million to Bitget, data on blockchain analytics platform Arkham Intelligence showed. The token changed hands around $0.56 on Monday, down from an all-time high of $27.33 on Saturday. 

Decrypt has reached out to RaveDAO, Bitget, Binance, and Gate for comment.

The token, which debuted in December, exists on Ethereum, Binance’s BNB Chain, and Base, the Coinbase-launched Ethereum layer-2 scaling network. ZachXBT noted that tokens linked to RAVE’s initial distribution controlled around 95% of the token’s supply.

In September, RaveDAO announced that it had teamed with World Liberty Financial, the crypto venture backed by U.S. President Donald Trump and his sons. RaveDAO said it would use World Liberty’s USD1 stablecoin for ticketing and consumer purchases in South Korea.

The project’s official Instagram account advertises upcoming events in Lisbon and Hong Kong. Yet within RaveDAO’s official Discord channel, most members appeared interested in discussing the price that they had bought RAVE at during the token’s surge.

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