RaveDAO has publicly denied any involvement in the recent surge and subsequent collapse of its RAVE token, which skyrocketed from approximately $0.25 to nearly $28 before dropping more than 80%. This volatility has drawn the attention of major cryptocurrency exchanges, Binance and Bitget, both of which are currently investigating the trading activities associated with RAVE. Allegations of market manipulation have surfaced, with onchain investigator ZachXBT accusing RaveDAO of orchestrating a pump-and-dump scheme, suggesting that more than 90% of the token supply is controlled by insiders. In response, RaveDAO is exploring options to sell portions of unlocked tokens to fund growth, emphasizing the need for sustainable and transparent operations. The project, which aims to merge electronic music events with blockchain technology, offers its RAVE token for governance and access to events. As of the latest data, RAVE is trading at $1.36, reflecting a 94.95% decline over the past day.