RAVE Token Pump and Dump Drama

Have you guys seen what's going on? Not long ago, this token shot up over 10,000% before crashing back down about 95%. Honestly, I think I totally overlooked this whole situation. ZachXBT is looking into it, and it seems there might be some insider stuff happening. Feels like the crypto market is dishing out some wild entertainment, even with everything looking bearish.

It was $0.02 three weeks ago. It was at $0.3 ten days ago. I noticed it when it got to $0.6 and it pumped heavily to $19 when I thought the dump would begin but it later went up to $28 and the dump began yesterday. It dumped to less than $2 or almost $1 today. This is common in crypto but it really pumped massively within a short time than others that have seen before. I saw it at number 16, beneath monero with over $5 billion marketcap when it was at $25 to $26. Now its marketcap is $304 million. I was expecting the fall. This kind of dump is common among altcoins that are new. The coin was launched just not more than 5 or 6 months ago.

The good thing here is that everything happened through CEXes, so I cannot imagine this being difficult to investigate. Binance, Gate and Bitget (where ZachXBT suspects the manipulation happened) already started investigating the issue. But the problem here is that even with the exchange having the names of the people behind this: - It's very unlikely that anything would happen to the culprits. - The users who jumped in, are definitely not going to get their money (lesson for everyone to never FOMO). The space is becoming one shit show sadly, it has never been more important to be a Bitcoin maxi, or at least a blue chips guy with all the nonsens that has been going on lately.

I've seen it lately and for me, it's just another classic pump and dump scheme. Whoever started it out was able to successfully attracted its community. There was also a circulating image of someone who should have earned $1M but only took screenshot and didn't take profit. I have no idea how much that supposedly profit he's got that should made him millionaire to the current profit he's got with its dump.

This is not the first time we are seeing such kind of repaid surge in the price of altcoins and with the same momentum in dumping it. Many of these projects are created to make money from investors so they can dump the market. This will not really stopped even if they continue to investigate how it happens and those people that are involved. The altcoins market will not stop surprising me.

I do have respect to zachXBT to investigate this I just read his post and there is bounty 10K from zach personal fund to get this S*hit end. personally Im just lost 350+ usd from this token trying to short them for many times Im not short this token blindly i do this because all technical and fundamental analyst said so. This token went 0.0 is to top 28 USD in matter of days even when bitcoin crash for couple times because geopolital news. I do believe that some insider doing the job maybe they also get rich by short squezze some user and this actually not just for RAVE but other dozen that also had same pattern PUMP and DUMp scheme

In the past few days, notifications about RaveDAO (RAVE) have been constantly popping up on my device, fortunately I haven't caught on to FOMO like everyone else. If insiders are really involved in this controversy, then the people in the image below are responsible for all losses experienced by retail. Image Source: X Or maybe, insiders were involved, but they orchestrated it with some of the CEXs where the P&D took place, Binance, Gate.io & Bitget. ZachXBT increases the bounty value to $25K now.

I haven't seen pump & dump scam like this for over 10 years, even though they weren't peaking billions at market cap back then, basic idea was the same, from a microcap to top 20 market cap in a month. Back then i was lucky enough to right all the way from bottom to top with 2 of them, even though pump and were new concepts, and all i put in at the start was pocket money, so it didn't make me millionaire in one month. And i have to admit that i was in denial, even though liquidity vanished and fraud was clear. I am assuming that some people are now saying that this is just a healthy pullback as well .

We really need to stop having this level of crimes happening in the space because it scares people from getting into the space. No wonder no one wants to get involved in stuffs like this. Imagine retail so that pumped and jumped in due to the hype, they would've been burnt which will result in them leaving the space forever as it would leave a bad taste in their mouths. I knew RAVE was an obvious scam. It's not revolutionizing anything, just a simple scam that got over hyped.

RAVE was manipulation on a larger scale, before that you'd see such manipulation twice a month when the market was still bullish. COAI and MMT was few of the many examples besides RAVE. Only now that the manipulation is too obvious, people are starting to question these CEXs and as usual the response from the CEXs representative is trying to deflect the problem. Everybody is losing money to this kind of huge scale manipulation and I hope ZachXBT bounty and investigation could stop this once and for all.

What about the results of ZachXBT's investigation with a $25,000 bounty has there been a result, and who is behind it all, because we know the team itself manipulated this token to skyrocket. I also don't know clearly the results of the investigations conducted by Binance, Gate, and Bitget whether the CEX will cover up this case which indirectly benefits the CEX itself, right?B People who FOMO buy at high prices may suffer huge losses, some retailers may have benefited at the beginning, but this is clearly a manipulation that has been planned like that.

Didn't hear about COAI, but that seems like comparable to this. I don't use twitter so i don't know details about this bounty, or what information exactly is needed for to claim it. It's a nice gesture, but call me sceptic as i see it as a influencer marketing gimmick and i don't see it doing anything even if someone got caught. 25k is pocket money for pump & dump groups and those are working behind several VPNs anyway. I am interested to know if Cexes are motivated to investigate these in fear of an audit. They have way more concrete data, but i guess they would have to admit that people got away with this on their watch, using fake IDs because their KYC method isn't intrusive enough.

I saw it all. I saw it went from $12 to go down below $10 to pumping to as high as $28 then in just an hour, the price plummeted to where it is right now. TBH, I want to short the token during that time, but it's good that I prevented myself from doing it, and my discipline prevails. Now I wonder how many traders lost money just by longing it, and how many longs got liquidated. As for the team, of course they'll deny the manipulation accusation. LINK Nothing surprising because they want to clean their hands, but they can't change the fact that approximately 90% to 95% of the total supply held in only three to nine wallets. That alone for me is a sign that I will not touch that token at all especially when it comes to trading because anytime, these "WHALES" can just pump and dump the token whenever they want to. These kinds of manipulation happens all the time in the crypto space. What I remember is what happened to Mantra a few months ago and up until now, the project is still up, but the price is still below a dollar.

You can't really stop it unless crypto is becoming a strictly regulated. This is not the first time there was a crime pump happened to the alts. We have so many memes and similar tokens like RAVE such as MYX, COAI, RIVER, SIREN. They're all got the same patter like this but people never cared so much on it. The good part is that people are start to taking an action when there is a crime pump They also try to identify the bad actors behind it rn. However, even if we know the bad actors behind it, and impossible to sue them. They will also keep do the same caused by there are too many loosers in crypto who will hand their money on them by gambling on that pump and dump crime. I'm also hating this how a team with some people on it is fooling the retailers who bought it by have no clue what they have bought. As long as degens in crypto won't be gone. Manipulation will still there. It's caused by fooling those degens are the easiest way to flip whales money.

My attention was drawn to the coin when it pumped to $8 few hours later it got to $12 from there it jumped to $16 and guys around me started panicking and about jumping in and I told them to be extremely careful because I smell the cat. Things like this are the reason why people talk bad about altcoins and advice others to stay away from it. Now they have wrecked most investors who believed in that project.

Since pump-pump was short-term, this means that the liquidity available to them was not large, and therefore it is easy to verify the source of this liquidity. Often, customer losses will not be large, but rather an accumulation of losses of $20 to $200 from thousands of users.

Looking only at the 1-month time frame of this coin is madness. From $0.2 to $27 for its peak and it's unbelievable that it just happened in a month. A wild ride indeed and it's now back to its floor price close to cents @ $1.35. Lucky traders made so much money from it when they have noticed it pump. But greedy ones surely have missed cashing profits in belief that it will pump more.

Rave coin experiencing a sharp drop following a single piece of news is common in the crypto market, so I wasn't surprised. I was suspicious when I first heard its name, mainly because of the frequent X-links it received. These kinds of movements show how volatile the crypto market is. Particular caution is needed with small and medium-sized coins. Sharp price increases also require caution.

Pump and dump is not new in the altcoins market, it is a normal occurrences although this $RAVE pump and dump must be classified among the classics, it will make you to wonder the level of manipulations in altcoins market. Insiders are out to entice investors to put in their money then they will exit and dump the project for another hype, it keeps happening and unlucky investors keeps losing with the project dumps. I always say use money that you can afford to loose to buy these new projects and don't plan to hold for a long term before you sell and take what you can and move on. I doubt that $RAVE can reach ATH again like many massively pumped projects before it.

He's pretty famous for exposing many scams including the infamous Malone Lam that stole $243 million. The cexes themselves will probably say they are working on it and then went silent. This kind of thing doesn't happen only this once, there are a lot of coins doing the same playbook but nothing happened.