ZachXBT Exposes RAVE Insiders, Token Crashes Below $1

RAVE token collapses after insider wallet allegations

The RAVE token, issued by RaveDAO — a decentralised autonomous organisation (DAO) built around music and events — fell below $1 in April 2026. The token had previously traded as high as $26. On-chain investigator ZachXBT published findings alleging that a small group of insider wallets drove the price artificially higher before selling.

"the team did not participate and is not responsible for the recent price fluctuations", 18 April 2026. — RaveDAO Team, Official Statement, RaveDAO (via PANews / Binance Square)

Insiders held up to 95% of token supply

ZachXBT alleged that insider wallets controlled between 90% and 95% of RAVE's total supply of one billion tokens. Wallets linked to the token's deployer moved 18.58 million RAVE to the Bitget exchange before the price surge. Those same wallets withdrew 29.78 million RAVE during the rally. A supply concentration at this level means a small number of holders can move the price without significant outside buying.

Token surged from $0.25 before crashing

RAVE rose from approximately $0.25 to a peak in the range of $14 to $26 in early April 2026. Sources differ on the exact peak: several crypto news outlets cite $14, while others record an intraday high near $28. The total decline from peak to below $1 represents a drop of more than 95%. This type of price pattern — a sharp rise followed by a rapid collapse — is commonly referred to as a pump-and-dump.

Binance and Bitget open formal investigations

On 17 April 2026, both Binance and Bitget — two centralised cryptocurrency exchanges — announced investigations into RAVE token trading activity. ZachXBT named both platforms as origins of the alleged manipulation. RaveDAO denied involvement. The investigations were ongoing as of 19 April 2026.