The RAVE token rose from about $0.25 to roughly $28 over several days, then plunged by about 95%.

Price dynamics

The rapid ascent represented an approximate 100x increase in market price, concentrated within a short trading window before the sharp decline.

After the peak, the token's value collapsed nearly completely, erasing most of the intraday gains and leaving investors with substantial losses.

Investigations and token distribution

RaveDAO has denied allegations of market manipulation, while several major exchanges have launched investigations into trading patterns around the token.

Reports indicate that as much as 90% of the token supply may have been controlled by insiders, which has become a focal point for the ongoing inquiries.

Allegations and market response

Observers and market participants have described the sequence of events as consistent with a classic pump-and-dump scheme, given the speed and scale of price moves.

Exchanges opening investigations aim to determine whether trading activity violated platform rules or applicable regulations and whether coordination occurred among large holders.

Current status

At the moment, RaveDAO maintains its denial of wrongdoing, and inquiries by trading venues are ongoing; regulators have not issued formal statements related to the case.

Market participants are monitoring developments and await findings from exchanges to clarify token ownership concentration and the sequence of trades.