PANews reported on April 19 that on-chain investigator ZachXBT published an article on the X platform summarizing the dramatic fluctuation of the RAVE token, which plummeted from $26 to $1 within 24 hours, suggesting that the event may involve market manipulation. His timeline shows that on April 18, he called on Binance, Bitget, and Gate to investigate the abnormal transactions, increasing the whistleblower reward to $25,000. These platforms subsequently responded publicly.

ZachXBT points out that RAVE, launched in December 2025, has an initial total supply of 1 billion tokens, with approximately 95% controlled by a small number of addresses, posing a high risk of concentration. Furthermore, they discovered suspicious centralized exchange activity in April involving some wallet addresses associated with the RaveDAO team, potentially contradicting the team's claim of "not participating in price fluctuations." They further state that the approximately $6 billion market capitalization loss corresponds to only about $52 million in liquidations, an abnormal ratio suggesting that the valuation may have been artificially inflated and is unsustainable. Besides RAVE, several other tokens, including SIREN, MYX, and COAI, have also recently exhibited similar suspicious price movements.

ZachXBT stated that he recognizes the significant losses incurred by retail traders by exposing such behavior, but will continue to investigate similar volatility in order to identify those responsible. He reiterated that he does not hold any RAVE positions, and if he did, they would be liquidated. He also cannot predict whether or when exchanges will make public comments. He urged exchanges to expedite the identification and intervention of market manipulation, pointing out that delayed action would result in losses for retail investors while platforms profit from trading volume. He stated that he will continue to investigate the related fund flows, and the $25,000 reward remains in effect.