Gate News message, April 27 — RAVE, the native token of RaveDAO (a Web3-based cultural community project), skyrocketed 110x in two weeks before plummeting 98% over two days on April 19-20, prompting comparisons to the infamous 2007 Lubo stock manipulation scandal in South Korea.
On April 18, RAVE reached $28 on CoinGecko, but the dramatic surge lacked clear fundamental reasons, drawing scrutiny from the crypto community. The token is listed on multiple major global crypto exchanges, attracting domestic users who trade on international platforms. However, on April 19, on-chain analyst JackXBT published findings showing that 9 wallets controlled 95% of RAVE’s total supply, with 6 wallets alone holding 96.6%. JackXBT noted the surge occurred after RAVE’s listings and flagged suspicious trading activity between team-related wallets and centralized exchanges, offering a $10,000 bounty for concrete evidence of manipulation.
Following JackXBT’s analysis, major exchanges announced investigations into potential market manipulation, triggering the token’s sharp collapse. Song Chang-seok, Web3 director at Blob, told Digital Asset that while concentrated wallet holdings have caused price manipulation before, a 110x rally followed by a 98% crash in just two days is unprecedented. He compared the incident to the Lubo scandal, where stock manipulators artificially inflated prices before prosecutors intervened and prices crashed.
Experts highlight a critical issue: on-chain data transparently shows wallet concentration, yet global exchanges failed to detect or prevent the manipulation before listing RAVE. Unlike traditional stock markets, crypto assets lack unified regulatory oversight—projects originate overseas, exchanges operate from tax havens or multiple jurisdictions, and users span the globe. Lawyer Gary Dwell emphasized that major exchanges need common standards to verify token distribution, insider wallets, and market-maker activity before and after listing, plus immediate disclosure of suspicious trading to prevent future RAVE-like incidents.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
UB (Unibase) up 14.96% in 24 hours
Gate News update: On April 27, according to Gate market data, as of the time of writing, UB (Unibase) is trading at $0.0491. It is up 14.96% over the past 24 hours, with a high of $0.0534 and a low of $0.0423. The 24-hour trading volume is $3.9667 million. The current market cap is approximately $123 million.
Unibase is a high-performance decentralized AI memory layer that provides long-term memory and cross-platform interoperability for AI agents, enabling them to remember, collaborate, and self-evolve. Unibase aims to build an open agent internet, supporting seamless cooperation among intelligent agents across ecosystems, empowering developers to build the next generation of AI applications.
This message does not constitute investment advice; please be mindful of market volatility risks when investing.
GateNews18m ago
Bitcoin Drops 2% as Major Whale Trapped in Loss After Chasing at $79K
Gate News message, April 27 — Bitcoin fell nearly 2% today, prompting multiple on-chain whale traders to significantly reduce or liquidate their long positions, according to Hyperinsight monitoring.
The largest liquidation came from wallet 0xcab, which exited a $14.4 million ETH long position at $2
GateNews49m ago
Bitcoin falls below $78,000, as negotiations between the U.S. and Iran again hit a stalemate, pushing up oil prices
Bitcoin slipped below $78,000 during Asian early trading on Monday, April 27; meanwhile, with the U.S.-Iran second round of peace talks falling through again, the price of Brent crude oil rose 1% to $106.50 per barrel. U.S. crude oil (WTI) rose in tandem by 1% to $95.40 per barrel. Ether was quoted at $2,335.24, and Ripple was quoted at $1.4230.
MarketWhisper1h ago
PEPE（PEPE）up 2.98% over 24 hours
Gate News 消息，4 月 27 日，据 Gate 行情显示，截至发稿时，PEPE（PEPE）现报 0.00000398 美元，24 小时内上涨 2.98%，最高触及 0.00000402 美元，最低回落至 0.00000384 美元，24 小时交易量达 11.03M美元。当前市值约为 1.67B美元。
PEPE is a meme coin.
PEPE近期 important news：
1️⃣ **Top whales continue to add positions**
A certain top whale, after an 8-month gap, bought another 1.67B PEPE tokens again, costing approximately $3.08 million. After averaging down, its average holding price dropped to about $0.0000074286. This move reflects that large-position holders continue to see the long-term value of PEPE. Although it is still in an unrealized loss at the moment, by taking a staged approach it reduces the cost of holdings, showing bullish confidence.
2️⃣ **Top profit whales still hold large positions**
The PEPE whale dimethyltryptamine.eth has accumulated profits of $11.9 million in this coin, and still holds $800B in positions at present. This indicates that the core profit-takers have not cashed out significantly, and instead chose to keep holding, reflecting a long-term bullish stance.
3️⃣ **Ecosystem-related parties diversify their allocations**
A related address with fund flows with the PEPE whale recently spent $245k to purchase other tokens, ASTEROID. This suggests that large funds are making multi-chain or cross-project investment allocations within the PEPE ecosystem, reflecting broad market optimism from active capital.
This news is not investment advice. Be mindful of market volatility risks when investing.
GateNews1h ago
ApeCoin Transfers Game Control to Community as Blackbeard's Bounty Season 3 Concludes
Gate News message, April 27 — ApeCoin announced that Blackbeard's Bounty quest season has officially ended, though the ability for users to create and complete bounty tasks will remain active. As the season concludes, game control is being transferred to the community, with future development
GateNews1h ago
