RaveDAO's RAVE token experienced a staggering 90% drop in value within a day, plummeting from $27.33 to $1.15 and erasing more than $5.7 billion in market capitalization. This dramatic decline follows investigations initiated by cryptocurrency exchanges Binance and Bitget into the token's unusual trading patterns. Onchain investigator ZachXBT alleged that approximately 90% of RAVE's total supply of 1 billion tokens was held in three wallets linked to the RaveDAO team. Large transfers to exchanges were noted just before the token's meteoric rise, which saw a 10,800% increase in value, triggering $44 million in liquidations. Despite the allegations, RaveDAO has denied any wrongdoing, stating they are not responsible for the recent price fluctuations. The team indicated plans to potentially liquidate unlocked tokens to support operations, but did not provide specific details regarding the allegations or future safeguards. The situation continues to unfold as the investigation progresses, with the crypto community closely monitoring the developments.