Binance and Biget to probe RAVE’s 4,500% token surge as claims of insider-orchestrated rally grow
By Francisco Rodrigues
Published on April 18, 2026.
Binance and Bitget, two major cryptocurrency exchanges, are investigating the trading activity surrounding RaveDAO's RAVE token, following claims of insider-orchestrated rally. ZachXBT, a prominent onchain sleuth, alleges that insiders engineered a large short squeeze that drove the token's rapid rise. Bitget's CEO, Gracy Chen, and Binance's CEO Richard Teng, also commented on the claims. The short squeeze highlighted the high concentration of RAVE tokens within a small set of wallets, with nearly 90% of its supply being in three. The project, which presents itself as a Web3 project focused on electronic music events, has not directly addressed the allegations.
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