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RAVE Token Crashes 90% Due to “Manipulation”: Who Could Be Next
The RAVE cryptocurrency surged by thousands of percent in a week and entered the top 20 assets by market cap, only to crash 90% within a day. Experts described this as a coordinated manipulation and pointed to other tokens with similar patterns.
Just a week earlier, RAVE had a market cap above $6 billion after a 5000% rally. However, on April 18, 2026, its price collapsed from $26 to $1, wiping out $6 billion in value. Blockchain investigator ZachXBT called it a planned manipulation and warned about similar tokens.
Before the crash, the token surged to $28, then dropped to $2.44 (–91%) on April 18 and further to $0.6 (–76%) on April 19. According to ZachXBT, “$6 billion in market cap was wiped out with just $52 million in liquidations,” indicating an unstable valuation.
This refers to leveraged trading liquidations. Sharp price increases can trigger a “short squeeze,” forcing traders to close short positions and pushing prices even higher.
Earlier, analysts had already labeled RAVE as a classic “pump and dump” scheme with elements of a short squeeze. They also highlighted high token concentration among a few wallets, increasing manipulation risks.
Who Could Be Next
In the same report, ZachXBT listed projects with “highly suspicious price action”:
- SIREN
- MYX
- COAI
- Memecore
- PIPPIN
- RIVER
These tokens show similar behavior: explosive gains followed by rapid declines. Differences lie mainly in the speed of movement.
For example, SIREN jumped 150% on April 16 and dropped over 60% the next day. COAI doubled on April 14 and then fell more than 50% within days. MYX surged 1400% in a week in late 2025, which analysts described as coordinated growth.
Most of these tokens were launched in the experimental zone of Binance (Binance Alpha) without full spot listings. Trading volumes are often concentrated in perpetual futures markets, significantly exceeding spot volumes. Some projects lack real products or business models, with growth driven by misleading social media activity.
ZachXBT also noted that Memecore claimed recognition from Grayscale, while in reality it was only mentioned in a general list without endorsement.
Additional concerns surround RAVE. One notable event was a retweet by the son of Donald Trump in December 2025 about its listing on Aster DEX, promoted by Changpeng Zhao. No major developments followed.
Further analysis by Mlm Onchain showed that Memecore has a much lower actual circulating supply (~230M vs. reported 1.29B), creating a misleading perception of valuation.
They estimate that about 99.6% of supply is controlled by insiders: Binance Alpha wallets (48.85%), insider clusters (23.46%), team wallets (25.82%), and others (including Meson Finance and Kraken) at 1.42%. Less than 1% is held by independent investors.
See also: "Strategy buys $2.54B in Bitcoin, largest purchase since 2024"
