RAVE’s market cap has plunged more than $6.6 billion since Saturday, almost immediately after the crypto industry’s most recognized blockchain investigator called on exchanges Binance, Bitget, and Gate to investigate whether RAVE’s price was being manipulated.
Because RAVE’s fall coincided with $52 million in liquidated positions during a 24-hour period, the sleuth said the token’s once-dizzying valuation pointed to “a manipulated and unsustainable valuation” that warrants faster intervention among exchanges.
Bitget CEO Tracy Chen, Binance CEO Richard Teng, and Gate Chief Business Officer Kevin Lee all indicated that their respective firms were looking into the token’s recent performance. As of Monday, the exchanges had yet to report back on what they discovered.
Decrypt has reached out to RaveDAO, Bitget, Binance, and Gate for comment.
