RAVE crashes 38% as insider controls trigger memecoin rout

- RAVE dives after analysts expose 98% supply held by insiders - SIREN follows with 50%+ plunge as concentrated holdings spook traders On April 18, 2026, Cryptopolitan reported that RAVE plunged 38% after analysts exposed insider cohorts controlling 98% of the token’s supply. The Rave DAO token crashed from over $27 to $11.47 within hours, and influential on-chain analyst ZachXBT published evidence that three groups linked to the project were responsible for nearly all circulating tokens. This disclosure immediately eroded trader confidence and prompted mass sell-offs and acute market volatility. On the same day, Cryptopolitan reported that SIREN (SIREN) witnessed similar turmoil as research from BubbleMaps and other on-chain sleuths flagged concentrated insider holdings. This research sparked rapid price declines and chaotic trading, and market analysts widely shared these findings. Their coverage accelerated panic among retail investors, who dumped positions in response to the growing evidence of manipulated token distribution. Both memecoins shed more than 50% in value during the trading session, and analysts attributed the moves to heightened scrutiny over “whale” insider influence and a lack of transparency from project teams. In addition, Bitget CEO Gracy Chen announced that the exchange had launched an internal review, following widespread calls to clarify any exchange links to potential insider dealings behind the crashes. Market participants noted that these sharp, coordinated drops reinforce the ongoing risk of pump-and-dump schemes endemic to the memecoin arena, and retail traders who bought on hype faced steep losses. As a result, the downturn underscored the dangers of opaque token control and market manipulation. As of 16:09 UTC on April 18, RaveDAO (RAVE) trades at $11.852, down 38.555% on the day, while SIREN (SIREN) trades at $0.752 after a 50%-plus plunge, according to the latest market data.