Market Data 
On-chain investigator ZachXBT is offering a $25,000 bounty for information related to alleged irregularities in $RAVE, the native utility and governance token of RaveDAO, a web3 entertainment project that links music festivals with blockchain-based community participation.
In a statement on X on Saturday, ZachXBT alleged the project is tied to a pump-and-dump scheme, with insiders controlling the majority of supply. The blockchain sleuth urged crypto exchanges Binance, Bitget, and Gate.io to review the activity and take action.
Pump and dump activity for $RAVE originated on @bitget @binance @Gate
Call to action for both @heyibinance @GracyBitget to do better and launch internal investigation offboarding the responsible actors.
Offering up to $10K bounty of my personal funds for whistleblowers to… pic.twitter.com/NhZDubdU9R
— ZachXBT (@zachxbt) April 18, 2026
Update: I am increasing the $RAVE bounty to $25K due to contributions from other community members.
Keep applying pressure to exchanges so they address the market manipulation. pic.twitter.com/UChKYuZvYK
— ZachXBT (@zachxbt) April 18, 2026
ZachXBT said he expects exchanges to conduct internal reviews and publish transparent findings on those responsible. He noted that crime-associated tokens harm the industry’s credibility.
Responding to ZachXBT’s call, Bitget CEO Gracy Chen said the team had initiated an investigation into the token.
Price action
$RAVE trended sharply higher over the month. Data from CoinMarketCap shows that the token ballooned from $0.25 to $18 between April 1 and April 15 before easing and later resurging.
During the first rally, the project’s official account posted a muted warning during the volatility, encouraging users to “remain mindful of the associated risks” and exercise caution with leverage.
In the past week, $RAVE rallied 1,200%, rising from $2.1 to approximately $28.
At one point on Saturday, the token’s market capitalization reached as high as $6.7 billion, briefly surpassing Litecoin (LTC) and Avalanche (AVAX) in the rankings.
Following ZachXBT’s statements, $RAVE crashed 24% to under $13.
Project’s background
Founded in late 2023, RaveDAO has grown from a small 200-person crypto afterparty and to an initiative linking live music events with blockchain-based participation.
The project’s MiCAR White Paper lists Wildwood Xu as its director and Ronald Yung as one of the key leaders.
Some members of the crypto community have pointed to possible links between RaveDAO and ZX Capital and individuals associated with Bella Protocol. These claims remain unverified.
The project reports tens of thousands of community members and over 70,000 NFT tickets issued on-chain, alongside more than 100,000 total participants across 20-plus events in cities including Singapore, Dubai, Amsterdam, and Hong Kong. Its events feature major electronic music artists and use a proof-of-attendance model to track engagement and rewards.
RaveDAO also operates “Rave for Light,” a charitable program allocating a portion of event proceeds to social initiatives. In 2025, it funded cataract surgery in Nepal and supported education-focused programs through Nalanda West.
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