ZachXBT Raises Concerns as RAVE Surges 1,200% Before Sharp Decline

Highlights:

• ZachXBT accused RAVE insiders of pushing the token up and then dumping it.
• RAVE rose about 1,200% before falling hard, raising concerns across the market.
• Bitget said it had already started investigating the RAVE trading incident.

Blockchain investigator ZachXBT has accused insiders behind RaveDAO’s RAVE token of running a coordinated pump-and-dump scheme after the token posted a massive rally over the past week. In a post on X published on Saturday, ZachXBT said the activity “originated” on Bitget, Binance, and Gate, and called on the exchanges to investigate the trading and remove any bad actors involved. He also said insiders controlled more than 90% of the token’s support, raising fresh concerns about market fairness and the risk to retail investors. 

Pump and dump activity for $RAVE originated on @bitget @binance @Gate

Call to action for both @heyibinance @GracyBitget to do better and launch internal investigation offboarding the responsible actors.

Offering up to $10K bounty of my personal funds for whistleblowers to… pic.twitter.com/NhZDubdU9R

— ZachXBT (@zachxbt) April 18, 2026

The allegations surfaced after one of the biggest token rallies in the market this month. CoinGecko data shows RAVE surged about 1,200%, climbing from around $2.10 to $27.88. The platform lists the token’s all-time low at $0.2063 on March 12 and its all-time high at $27.88 on April 18.

At the time of writing, the token was trading near $11.52, down 31.34% over the past 24 hours after the earlier jump. The sharp pullback added to concerns that the rally may have been driven by concentrated trading rather than normal market demand.

ZachXBT Urges Probe Into RAVE Token Trading

In his X post, ZachXBT said, “We cannot allow this blatant market manipulation by insiders” and offered a bounty for whistleblowers who could provide useful information. 

He initially offered a $10,000 bounty for whistleblower information, then later raised it to $25,000 after others contributed funds. His message quickly gained attention across crypto markets because it directly named large exchanges and suggested that exchange-level activity played a role in the move. 

After ZachXBT urged exchanges to launch an internal probe, Bitget Chief Executive Gracy Chen said on April 18 that the platform had already begun investigating the RAVE incident.

thanks for highlighting! We’ve started investigating into $RAVE

— Gracy Chen @Bitget (@GracyBitget) April 18, 2026

A pump-and-dump typically refers to an increase in the price of a token, typically via a massive rush of buying, often aided by a large holder or organized trading. Then the price collapses and buyers who came late will have to end up losing their money. ZachXBT’s claims have not been proven in court. Nevertheless, the abrupt price fluctuations have already cast doubt on liquidity, token distribution, and exchange oversight.

RaveDAO Project and Token Details

RaveDAO describes itself as a blockchain-based entertainment project centered on live events, NFT participation, and charitable initiatives. The project says it began with a small 200-person event held after a crypto conference three years ago and later expanded into a larger event platform.

In its white paper, RaveDAO describes RAVE as the project’s main token. It says the token is meant to support community rewards, platform growth, partnerships, and charity-related efforts.

The project also says it has expanded through events in cities such as Singapore, Dubai, Amsterdam, and Hong Kong, as well as through on-chain ticket activity. However, following recent hype around the token itself, the focus has shifted. Rather than focusing on developments within the community, most individuals have begun paying closer attention to how the token itself trades.