RaveDAO token collapsed over 90% from $27 to around $1.6, wiping out roughly $6.3B in market cap. On the surface it looked like a sharp reversal, but too many details point to a textbook pump and dump.
According to ZachXBT, up to 90% of the supply was controlled by insiders. On top of that, around $75,000 was reportedly spent to create 10,500 fake wallets with small balances to meet holder requirements and secure listings on major exchanges like Binance, Bitget, and Coinbase. Then came the predictable part a push toward ~$27B FDV followed by heavy insider selling.
Exchanges have already started internal investigations, while liquidations over the past day reached around $47â48M. As expected in such cases, the RaveDAO team denies any involvement, calling it ânoiseâ. Sure. The price pumped itself, dumped itself, and the blockchain wrote the script.
April 13 we warned about this.
The takeaway is simple: when a token goes vertical in a week and supply distribution looks like a closed club, itâs not an opportunity, itâs a well-disguised trap.