On-chain Investigator ZachXBT Calls for Investigations into RaveDAO

Pseudonymous onchain sleuth ZachXBT has called for an investigation into RaveDAO for potential pump-and-dump trading.

While the RAVE token has been a high flyer this year, the on-chain investigator believes there is suspicious activity.

He noted that the suspicious activity started on three crypto exchanges Binance, Gate.io, and Bitget.

ZachXBT Calls on Binance and Bitget to Investigate Allegation

The onchain sleuth has now called on exchanges to launch internal investigations to uncover market manipulation. In a screenshot shared on X, ZachXBT noted that the RAVE token is up more than 10,000% in the last 30 days.

While this might seem like positive momentum, the investigator believes it is questionable. He noted that insiders control more than 90% of the RAVE token supply. This means that they will use the current price movement to extract retail investors.

He offered $10,000 of his personal funds. He set a bounty for a whistleblower who provides information. The bounty has now been increased to $25,000 after contributions from other community members.

ZachXBT update reads:

Already, Bitget CEO Gracy Chen has confirmed that the exchange has begun an investigation into RAVE transactions. ZachXBT wants the report to be publicly shared for transparency.

RAVE Remains Top Performer Even as Price Falls Amidst Growing Concerns

Meanwhile, ZachXBT is not the only member of the crypto community to have flagged RAVE. Others have also criticized exchanges for listing the token. They noted that they now extract users instead of onboarding people to crypto.

One user observed that over 97% of RAVE is held by the team and insiders. Yet, the exchanges listed it, and ten hours before its rally, around 18.58 million RAVE tokens moved to Bitget from wallets linked to the deployer.

Binance also reportedly fast-tracked the listing on its platform while allowing perps leverage. The token has seen more liquidations than SOL in the last 24 hours.

Interestingly, the founders have also been attributed to ZX Capital and Co. ZX is behind two crypto projects, ARPA and Bella Protocol, both of which failed.

Unsurprisingly, rising concerns about the token are starting to affect its price. RAVE, which had gained over 30% earlier and rose close to $27, has now dropped to below $20.

Still, it has seen a performance reminiscent of the memecoin craze over the past month. According to CoinMarketCap, it is up more than 7,000% in 30 days. At the same time, its year-to-date performance is around 4,800% gains.

The token, launched in December 2025, traded around $0.2 for several months and remained in that range by April 9. However, it has shot up since then, with a consistent climb, reaching $27.94, from which it is now in decline.