And Finally, They Dumped It: RAVE Plunged Today, Binance CEO Issues Statement

As allegations of manipulation surrounding the controversial RaveDAO ($RAVE) token in the cryptocurrency market intensify, a noteworthy statement has come from Binance, one of the sector’s largest exchanges.

Binance Co-CEO Richard Teng announced that allegations of insider trading on the $RAVE token are being taken seriously. Teng stated that the exchange has launched an investigation into the matter, adding, “We will always do our part to investigate all market abuses.”

The statement comes after recent sharp price movements in the $RAVE token and allegations of a “pump and dump” scheme. Market participants point out that high supply controls and sudden price fluctuations pose risks for individual investors.

$RAVE, an altcoin that has been the subject of much discussion lately due to its sharp fluctuations, lost 60% of its value today. However, it is still trading at a level 255% higher than it was 255% earlier in the last week.

*This is not investment advice.