RaveDAO accused of pump-and-dump as token crashes 98%

Binance and BitGet have confirmed they are investigating allegations that RaveDAO orchestrate a pump-and-dump to push its RAVE token price from around $0.25 to more than $27 over the past few weeks, before the token price plummeted back down to $0.66. Concerns were first raised by blockchain investigator zachbxt, who called on the exchanges to investigate. He later wrote, "While it's good the exchanges responded, I find it unlikely this activity wasn't spotted internally before I raised it publicly."RaveDAO describes itself as a "community-driven global rave powerhouse", and sells NFT tickets to rave events.RaveDAO has denied any responsibility for the recent price movements, but did not address allegations of enormous token concentration with the project's team or large transfers to exchanges around the time of the price jump. Tweet by zachxbt Tweet thread by RaveDAO "RaveDAO's RAVE token collapses 90% in a day as exchange probes widen" , CoinDesk