Nearly $6 billion in market value vanished from Rave DAO in less than 48 hours — but only about $52 million in liquidations could account for it. That gap is what drew the most attention from analysts trying to make sense of one of crypto’s sharpest recent collapses.
Exchange Probes Add To Investor Alarm
The token, known as RAVE, had climbed from roughly $0.25 to $27.30 in just nine days before the bottom fell out. RAVE had swung from $26 to nearly $1 in 24 hours — a 95% collapse, according to onchain sleuth ZachXBT. The speed of both the rise and the fall left traders scrambling for answers.
Binance co-CEO Richard Teng confirmed the exchange had opened an investigation into trading activity. Bitget CEO Gracy Chen said the same. Gate.io was also named in connection with the original allegations.
Rather than calming markets, the announcements deepened the sell-off. Investors read the probes as confirmation that something had gone wrong, and selling accelerated.
Pump
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