RaveDAO team deposits another $23M RAVE on Bitget after 95% crash

A multisig address associated with the RaveDAO (RAVE) team deposited an additional 23 million RAVE, worth $23 million, into Bitget three hours ago, triggering a further 40% price drop, on-chain analyst ZachXBT reported on X. The token had already plummeted from $26 to $1 over the weekend. ZachXBT said he had requested investigations from Binance, Bitget, and Gate yesterday into alleged price manipulation of RAVE. Previous analyses suggested the team, which holds a majority of the supply, had orchestrated a short squeeze to artificially inflate the price. At its peak, RAVE traded above $26, placing it among the top 15 cryptocurrencies by market capitalization, but it collapsed by more than 95% within hours after exchanges launched their inquiries. ZachXBT added that suspicious price movements have also been observed in other tokens, including SIREN, MYX, COAI, M, PIPPIN, and RIVER.