RaveDAO has denied allegations of a scheme that despatched its RAVE token from $0.25 to just about $28 earlier than crashing in days.
The crew behind RaveDAO, a rave-inspired crypto token, are pushing again towards accusations that they orchestrated one of many extra dramatic token collapses in latest reminiscence.
RaveDAO has publicly denied allegations of potential market manipulation, writing on social media that the group was “not engaged in, nor liable for” a latest surge and sharp collapse of its RAVE token, which reportedly soared from roughly $0.25 to just about $28 inside days earlier than plunging greater than 90%. The dip worn out greater than $5 billion in worth, per CoinDesk.
RaveDAO’s denial comes after blockchain investigator ZachXBT alleged its insiders orchestrated a coordinated pump-and-dump scheme, pointing to on-chain information suggesting greater than 90% of the token’s provide could also be managed by team-linked wallets.
Based in 2023, RaveDAO describes itself as a Web3 reside leisure platform combining digital music occasions with blockchain know-how, providing on-chain ticketing and neighborhood governance by its RAVE token. The group experiences working with quite a few influential digital artists throughout its occasions in Amsterdam, Dubai, Singapore and Hong Kong.
RaveDAO additionally outlined plans to promote parts of unlocked tokens to fund operations, advertising and hiring, and mentioned it’s exploring price-triggered or performance-triggered locks to higher align incentives with the neighborhood.
Exchanges Binance and Bitget have confirmed they’re reviewing the scenario. No regulatory motion has been introduced so far.
EDM.com reached RaveDAO for remark and the group directed us to the next assertion on X.
