- RaveDAO's RAVE coin price jumped over 44 percent on Saturday, April 18.
- Crypto investigator ZachXBT alleged a potential pump-and-dump scheme by insiders.
- Exchanges Binance and Bitget were publicly urged to investigate the token's activity.
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RAVE coin rallies 44% on pump and dump allegations
The price of RaveDAO’s native token (RAVE) rallied more than 44 percent on Saturday, April 18, prompting allegations of market manipulation from a prominent on-chain analyst.
Crypto investigator ZachXBT flagged the token’s sudden price move in a social media post, stating there were concerns of an insider pump-and-dump scheme. ZachXBT urged crypto exchanges Binance and Bitget, where the token is traded, to investigate the activity surrounding the RAVE token.
The RAVE token surged over 44 percent on April 18, according to the origin report, though specific price levels and trading volumes were not immediately available. RaveDAO operates as a decentralized autonomous organization in the digital arts and culture space. On-chain metrics such as active addresses and transaction volumes for the period have not yet been disclosed.
The allegations from a well-known analyst introduce significant risk for RAVE holders, as a confirmed manipulation scheme could lead to a rapid price collapse and potential delisting from major exchanges. The situation highlights ongoing risks of pump-and-dump schemes in the less-regulated segments of the altcoin market, particularly affecting retail investors on platforms like Binance and Bitget.
This article is for informational purposes only and does not constitute investment advice.
