ZachXBT vs RAVE: Is the clean encryption market really what Degens wants

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Photo by Aididiao JP, Foresght News

Just after the RAVE token surged 4500%, the chain detective ZachXBT exposed his team wallet to 90% of the token supply and there was a coordinated move to centralize the exchange. Binance and Bitget immediately started an investigation, and the coin fell by more than 90 per cent a day。

However, a disturbing issue follows: If markets are cleaned up overnight, the extreme volatility that attracts the diaspora will disappear。

Many investors come to the encryption market, not in pursuit of a standard 500 10% return per year. What they want is an overnight 450% windfall. ZachXBT's work is commendable, but encryption speculators Degens really want a clean market? This question deserves an honest answer。

In April 2026, just after the RAVE token surge of 450 per cent, the chain investigator @zachxbt publicly accused the project of manipulation。

Three team-related wallets held 90 per cent of the total supply of 1 billion coins, and once the wallets were transferred to the mainstream exchange, prices surged. The size of the liquidation subsequently reached $44 million. ZachXBT called for an investigation by @binance, @bitget and @Gate, and offered $25,000 for information。

Subsequently, Binance and Bitget launched a survey, and RAVE fell sharply from $26 to $1 a day, falling as much as 90 per cent a day and evaporating $5.7 billion a minute. RAVEDAO responded that the team was not involved in any manipulation。

Why now

Institutional funds are pouring into the encrypted market, but hacker attacks have never stopped, and price manipulation has been repeated. The question of whether this market is trustworthy has surfaced again。

IT IS WORTH NOTING THAT THE SETTLEMENT OF THE INCIDENT DID NOT COME FROM THE SEC OR OTHER FINANCIAL REGULATORY BODIES, BUT FROM THE ACTIONS OF AN INVESTIGATOR IN THE CHAIN OF ANONYMITY. HE PROMOTED THE INVOLVEMENT OF TWO MAJOR EXCHANGES, ELIMINATING WITHIN ONE DAY THE MARKET VALUE OF SOME $6 BILLION. INDIVIDUALS MOVE FASTER THAN REGULATION。

However, this structure cannot be sustained in the long term. Market integrity cannot depend solely on the goodwill of individuals。

The more disturbing question is: Do Degens really want this self-correction

A simple analogy

The encryption market is beginning to look like a regulated stock exchange。

Surveillance cameras are being installed and institutional customers in their suits are entering. But the first ones to be filled with seats were not "safe" here. They're here because there's a possibility of 45 times the profit in an hour。

When every table is covered by a camera, 45 times the proceeds disappear. The first crowd will leave。

After that, will those agency clients stay

The uneasy truth

THIS KIND OF MANIPULATION IS NECESSARY TO COMBAT RAVE. WHEN TEAM WALLETS HOLD 90 PER CENT OF THE SUPPLY, AND THE PRICE OF THESE CHIPS GOES UP AS SOON AS THEY ARE TRANSFERRED TO THE EXCHANGE, IT IS ALMOST MANIPULATION, AND ILLEGAL MANIPULATION SHOULD BE REMOVED FROM THE MARKET。

But why did most of the diaspora choose encrypted currency over stocks? It's not for 500 or 10% of the steady return per year. They came here to pursue the possibility of 450% in one day. While it is true that there are many high-quality projects in the market, extreme fluctuations often stem from information asymmetries, liquidity manipulation and high concentration of supply。

IMAGINE AN ENCRYPTED MARKET WITH FULL SEC-TYPE REGULATION: TEAM WALLETS MUST BE FULLY DISCLOSED, HIGHLY CONCENTRATED SUPPLY ITEMS FILTERED BEFORE THEY ARE LISTED, AND MOBILITY MANIPULATION MARKED IN REAL TIME. IN A MARKET LIKE THAT, WHAT OTHER PROJECT COULD TRIGGER ADRENALINE IN THE DIASPORA? THAT IS NO LONGER A ENCRYPTED MARKET, BUT A SLOW-MOVING STOCK MARKET。

ZachXBT's work deserves recognition, and we agree. A safer market is indeed necessary。

But the uncomfortable truth remains: many people say they want a clean and encrypted market, but they are actually attracted by this volatility。

When regulation is complete, the encryption market is more likely to become boring than clean. The surviving projects will be required to meet the same certification criteria as listed shares。

ZachXBT is to be thanked for its work, but many Degens are still looking for the next RAVE-style surge curve on the market。

At present, there is a clear gap between the future we are looking for and the markets we actually have. Such sharp fluctuations would not have been necessary had more projects proved themselves on their own。

That's the uncomfortable truth。