Prominent on-chain investigator ZachXBT has issued a critical warning to major cryptocurrency exchanges after identifying multiple digital assets exhibiting the same manipulation patterns as RaveDao (RAVE), which recently collapsed over 10% following exposure of insider control. The alert calls on Binance, Bitget, and Gate.io to investigate several tokens where concentrated wallet ownership mirrors RAVE's scheme—where 90% of supply was held by insiders before its 5,000% surge and subsequent correction.

Other Cryptos That Have Performed Similarly To RAVE

Prior to the RAVE market manipulation, other cryptocurrencies have come before it, where there have been clear signs of market manipulation. One of the most popular of these is the RIVER move, which saw the price go from around $1 to almost $90 at its peak. Just like RAVE, this move happened in the course of weeks as market makers squeezed the price upwards.

Other examples of such a move include PIPPIN, a meme coin that seemingly came out of obscurity to rise by over 2,000%. Similar manipulations were also noted with other crypto coins such as SIREN, MYX, COAI, and MemeCore (M). One thing that all of these crypto coins have in common is that they all rose rapidly in a matter of weeks without a clear catalyst.

Given this, ZachXBT has called on crypto exchanges to intervene faster in cases of market manipulation. This is because any delay would cause unfathomable losses to traders while the crypto exchanges collect on the fees. “While it’s good the exchanges responded, I find it unlikely this activity wasn’t spotted internally before I raised it publicly,” the investigator said.

For now, ZachXBT says that the $25,000 bounty is still open as there hasn’t been any verifiable information provided in regard to the actors behind the RAVE manipulation. Thus, he continues to urge anyone with solid information behind the scheme to come forward.