Binance and Bitget, two major cryptocurrency exchanges, are investigating allegations of insider trading related to RaveDAO's RAVE token, which experienced a staggering 4,500% price surge within a week, resulting in $44 million in liquidations. Reports indicate that nearly 90% of RAVE's supply was concentrated in just three wallets, with millions of tokens transferred to exchanges before the price spike. This has raised concerns about a potential 'bait and liquidate' scheme, where visible transfers create selling pressure, enticing traders to take short positions. If insiders then withdraw tokens while prices rise, it forces short sellers to buy back at higher prices, further driving the price up. RaveDAO, a Web3 project focused on electronic music events, has denied any wrongdoing, stating they are not responsible for the recent price fluctuations. The token's market behavior has been erratic; it traded below $0.50 for most of its history before skyrocketing to over $27 before falling sharply. Investigations are ongoing, and the community is urged to report any evidence of misconduct.