RaveDAO token flash crash 66 billion! The exchange urgently investigated and was suspected of being manipulated by a giant whale.
RaveDAO’s token staged a shocking scene this weekend, with its price collapsing and its market value evaporating by about US$6.6 billion in an instant. The trigger for all this was the public announcement by well-known on-chain detective ZachXBT, asking major exchanges to investigate suspicious trading activities of their tokens during the surge. As soon as the news came out, market panic quickly spread, causing currency prices to plummet.
The reason why this incident shocked the currency circle is that it pointed directly at the most sensitive nerves in the cryptocurrency market - manipulation and trust. The market value of a project soared in a short period of time, and was subsequently questioned by authoritative investigators as being suspected of manipulation such as "pump and dump". This severely damaged the confidence of investors, especially retail investors. At present, mainstream exchanges such as Binance and OKX have responded and launched relevant investigations. This incident is likely to become a landmark case for exchanges to strengthen market monitoring in the near future.
For ordinary retail investors, this is another bloody risk education lesson. Chasing skyrocketing altcoins, especially new coins with relatively poor liquidity, can easily become the targets of giant whales. Before the exchange announces the investigation results, the risk of fluctuations in the relevant currencies is extremely high. Investors are advised to remain vigilant and give priority to mainstream platforms with good trading depth and high regulatory transparency for trading. When it comes to trading, no matter where you operate, don’t forget to go to CoinRebate to compare handling fees. The little you can save is worth it. Especially in this highly volatile market, cost control is your talisman.
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This article was edited by CoinRebate AI, data source: Decrypt