Key takeaways

Hyperliquid holds steady around $40 on Thursday, up 1.1% in the last 24 hours.
The negative funding rate gives HYPE a mixed signal in the market.

Hyperliquid (HYPE) is trading around $40.95 at press time on Thursday, stabilizing after a 3%+ gain in the previous session. 

While the decentralized exchange (DEX) token has managed to hold recent levels, weakening retail demand in the leverage market and a developing rising wedge pattern on the chart are keeping the broader outlook neutral-to-bearish.

HYPE’s futures market suggests a cooling demand

HYPE initially attracted strong retail interest during heightened geopolitical tensions around the US–Iran situation and the Strait of Hormuz, as its platform enabled 24/7 trading of commodities such as oil and precious metals. 

However, as geopolitical pressure eased following signals of extended diplomatic timelines, speculative interest in the token has started to fade.

Data from CoinGlass shows HYPE futures open interest at about $1.63 billion, moving mostly sideways—an indication that trader participation has plateaued. 

Meanwhile, the funding rate sits at -0.0061%, suggesting a growing tilt toward short positioning as traders increasingly bet on downside risk.

Technical outlook: Bears could push the price lower

The HYPE/USD 4-hour chart is bearish and efficient as HYPE remains supported above both the 50-day Exponential Moving Average (EMA) near $38.46 and the 200-day EMA around $34.51. 

The 4-hour structure is forming a rising wedge pattern, typically considered a bearish setup when momentum weakens. The momentum indicators also paint a bearish picture. 

The MACD remains in negative territory, signaling fading bullish strength, while the RSI at 47 reflects a growing bearish condition. 

If the sellers remain in control, they would encounter immediate support at the trendline near $40.33. A break below this level could open a path toward the 50-day EMA at $38.46, followed by stronger support near the 200-day EMA at $34.51.

However, if the bulls push higher, resistance is first seen at $43.71, with further upside capped near $45.77 at the upper trendline boundary.

Bitcoin just did something it hasn’t managed in months: it broke free.

After spending nearly three months pinned between $65K and $75K, BTC surged past $79K on Wednesday, riding a wave of geopolitical relief after President Trump extended the US ceasefire with Iran just hours before the two-week deal was set to expire. The timing was, as they say, not subtle.

What happened

The ceasefire extension removed what traders had been pricing in as an imminent risk. An expiring deal with Iran, left to lapse, would have injected fresh uncertainty into energy markets and the broader risk landscape. Instead, the renewal acted like a release valve.

Bitcoin climbed 4.3% in 24 hours and 6.6% over the past week, pushing to levels not seen since early February. Ethereum followed closely, gaining 4.2% to reach $2,400. Solana rose 3.1% to $89, and XRP held steady near $1.45.

Traditional markets moved in lockstep. The S&P 500 and Nasdaq both posted gains Wednesday morning, confirming this wasn’t a crypto-specific phenomenon. Risk assets across the board got the green light.

Here’s the thing: Bitcoin had been stuck in that $65K-$75K range since early February. That’s roughly 10 weeks of sideways price action, the kind of extended consolidation that tends to resolve violently in one direction or the other. This time, it resolved upward.

The fear is still real

Despite the breakout, the market’s emotional state tells a more cautious story. The Crypto Fear and Greed Index sits at 32, firmly in “Fear” territory. Last week it was at 23, which registers as “Extreme Fear.”

In English: traders are less terrified than they were seven days ago, but they’re not exactly popping champagne. A move from “Extreme Fear” to regular “Fear” is improvement in the same way that going from a house fire to a kitchen fire is improvement. Progress, sure. Calm, not quite.

That gap between price action and sentiment is worth watching. Historically, sustained rallies that begin while fear dominates tend to have legs. The logic is simple: when everyone is scared, fewer people are fully positioned. As the breakout continues, sidelined capital gets pulled in, creating a self-reinforcing move higher.

Of course, the inverse is also true. If the breakout fails and BTC slides back into its old range, the already-fearful market could tip into something uglier.

Why geopolitics moved crypto

There’s an ongoing debate about whether Bitcoin is a risk asset or a safe haven. Days like Wednesday make the answer pretty clear: it trades like a risk asset, at least on shorter timeframes.

When the ceasefire extension removed a source of geopolitical tension, Bitcoin rallied alongside equities. It didn’t rally in advance as a hedge against conflict, which is what you’d expect from digital gold. It rallied after the tension dissipated, which is what you’d expect from a high-beta version of the Nasdaq.

This isn’t a new dynamic, but it’s worth restating because the narrative shifts depending on who’s talking. Bitcoin can serve as a long-term store of value and simultaneously trade like a risk asset in the short term. Those two things aren’t mutually exclusive. They’re just confusing.

The broader context matters too. Trump’s diplomatic posture toward Iran has been a source of market anxiety for weeks. The original two-week ceasefire was itself a surprise, and the extension doubles down on a de-escalation path that few observers expected. For markets that had been pricing in at least some probability of escalation, the reversal of that risk premium shows up directly in asset prices.

DeFi, interestingly, hasn’t participated in the rally with the same enthusiasm. The top-performing category over seven days shows essentially flat returns, according to CoinGecko data. That suggests the current move is being driven by macro flows and spot Bitcoin demand rather than a broad-based rotation back into risk across all of crypto.

What this means for investors

The breakout above $75K is technically significant. That level served as the ceiling of Bitcoin’s range for weeks. Clearing it and pushing to $79K turns former resistance into potential support.

Look, breakouts from extended ranges are one of the more reliable patterns in technical analysis. They aren’t guaranteed, but the longer an asset consolidates, the more energy tends to build. Three months of compression followed by a clean move higher is the kind of setup that trend followers pay attention to.

The risk is that this rally is entirely geopolitically driven. If the Iran situation deteriorates, or if another macro shock emerges, the breakout could reverse quickly. Bitcoin’s correlation with traditional risk assets means it’s vulnerable to the same forces that move equities: interest rate expectations, trade policy, and yes, Middle Eastern diplomacy.

Ethereum’s move to $2,400 is notable but less dramatic in context. ETH has underperformed BTC for most of 2025, and a 4.2% daily gain doesn’t change that broader trend. Solana and XRP gains were similarly modest relative to Bitcoin’s breakout.

The Fear and Greed Index at 32 suggests there’s room for sentiment to improve, which could fuel further upside. But it also means the market is fragile. Fearful markets can turn on a dime if the catalyst for optimism evaporates.

Bottom line: A diplomatic extension that almost didn’t happen gave Bitcoin the push it needed to escape a months-long trading range. The breakout to $79K is the most consequential price move since early February, but with fear still dominating sentiment and the rally tied to a geopolitical catalyst that could shift at any moment, this is a market that’s moving on borrowed confidence. The next few days will reveal whether this is the start of a new trend or just a brief vacation from consolidation.

Justin Sun says WLFI froze 2.94 billion tokens and removed voting rights.
Lawsuit filed after failed attempts to resolve the dispute privately.
WLFI has introduced a Governance proposal that may lock tokens for non-consenting holders.

Justin Sun has filed a lawsuit in a California federal court against World Liberty Financial (WLFI), alleging that the project froze his holdings of 2.94 billion WLFI tokens and stripped him of key investor rights without justification.

The move escalates a growing dispute between one of crypto’s most recognisable entrepreneurs and a project that has positioned itself around decentralised governance and early-stage token distribution.

In his public statement, Sun confirmed that he is seeking legal protection of his rights as a WLFI token holder.

Sun also emphasised that the lawsuit does not change his political stance or his support for the Trump administration’s pro-crypto direction. According to him, the dispute is strictly about investor treatment and token governance, not politics.

Frozen tokens and removed voting rights

At the centre of the case is Sun’s claim that WLFI froze all 2.94 billion of his tokens (540 million of unlocked tokens and 2.4 billion locked tokens). He argues that this action made it impossible for him to transfer, sell, or otherwise use his holdings.

The value of the holdings has dropped from over $107 million at the September 2025, when they were frozen, to around $43–$60 million by April 2026.

Sun also alleges that WLFI removed his governance voting rights tied to those tokens. This means he was unable to participate in key decisions affecting the protocol, including recent governance changes introduced by the project team.

Sun further claims that WLFI went beyond freezing his position and threatened to permanently destroy part of his holdings through token “burning.”

According to his statement, these actions were taken without clear justification and without providing him a fair opportunity to respond.

He also says he attempted to resolve the issue privately with WLFI before taking legal action. However, he claims the project team refused to restore access to his tokens or reinstate his governance rights, leaving him with no option but to proceed to court.

Sun has described his position as straightforward: he wants to be treated the same as other early investors who received WLFI tokens, without special privileges and without restrictions that are not applied equally.

Justin Sun also disagrees with WLFI’s Governance proposal

The legal conflict comes alongside disagreement over a WLFI governance proposal released on April 15.

Sun has openly opposed the proposal, arguing that it introduces conditions that could lock users’ tokens indefinitely if they do not actively accept new terms.

The proposal reportedly includes a requirement for 10% of advisor tokens to be permanently burned. It also introduces a structure for early purchaser tokens involving a two-year cliff followed by a two-year vesting schedule.

Under the same framework, users who do not explicitly accept the new terms could have their tokens locked indefinitely.

Sun has raised concerns that this creates an uneven system where investor rights depend on active consent after the fact. He also pointed out a structural conflict in his own situation.

Because his tokens are currently frozen, he says he cannot vote either in favour of or against the proposal, despite being directly affected by it.

This has added another layer to the dispute, as governance participation is typically considered a core function in token-based systems.

World Liberty Financial (WLFI) position

WLFI has pushed back against Sun’s claims, arguing that token restrictions were applied due to internal concerns related to security and compliance.

The project maintains that its governance mechanisms include administrative controls that can be used to protect the platform and its participants.

The disagreement highlights a broader tension in crypto governance systems, particularly in projects that market themselves as decentralised while still retaining centralised control features such as token freezing or administrative overrides.

Sun’s lawsuit places the focus on whether such controls were properly disclosed and whether they can be applied to large early investors without clear procedural safeguards.

With 2.94 billion tokens at the centre of the dispute, the outcome could influence how governance authority and investor rights are interpreted in similar token-based ecosystems going forward.

Both Washington and Tehran are now accusing each other of breaching the conditional ceasefire agreed on April 8, with more than 24 hours left before it expires tomorrow.

US President Donald Trump posted on Truth Social on Tuesday that Iran had violated the truce “numerous times,” while Iran’s military called a US destroyer’s firing on an Iranian-flagged cargo ship in the Gulf of Oman a violation of the ceasefire and vowed retaliation.

The incident has put the two-week agreement, under which Iran agreed to keep the Strait of Hormuz open to shipping, under severe strain at a critical moment.

Bitcoin declined from $76,500 to $75,709 after comments from Donald Trump, though it later recovered to trade near $75,900, maintaining a 1% gain on the day, per CoinGecko.

Addressing the situation on CNBC’s Squawk Box this morning, Trump predicted that the US would secure a “great deal” with Iran to end the war, saying Tehran’s military and leadership had been so badly degraded that negotiations were the only remaining option.

Trump said US forces had taken out Iran’s navy, air force and top officials, and in doing so had brought about what he called indirect regime change.

The president nonetheless expressed confidence that a deal was within reach, saying Iran’s new leadership was “much more rational” and that the country had no choice but to negotiate.

Arbitrum froze 30,766 ETH before it could be bridged out.
Attacker moved 75,701 ETH and began routing funds to Bitcoin.
Over $176 million is being laundered through multiple parallel flows.

Arbitrum has frozen a significant portion of funds linked to the KelpDAO exploit, even as the attacker moves to push the remaining assets beyond reach.

The Arbitrum Security Council confirmed it froze 30,766 ETH, valued at over $70 million at the time of action.

The funds were tied to an address associated with the KelpDAO attacker and were secured before they could be bridged out of the network.

The intervention came after coordination with law enforcement, suggesting authorities may already have leads on the exploiter’s identity.

The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times,…

— Arbitrum (@arbitrum) April 21, 2026

A race against time

Blockchain investigators, including PeckShield, had flagged that the attacker was already attempting to move the funds off Arbitrum using a native bridge.

Had that transfer been completed, the ETH would likely have joined a much larger pool of stolen assets already in circulation across other chains.

By intervening when it did, Arbitrum prevented roughly 29% of the stolen funds from entering the laundering pipeline. However, the remaining assets were not as fortunate.

The KelpDAO exploit itself is estimated at around $290 million, making it one of the largest decentralized finance breaches of 2026.

The attacker moved quickly after the initial exploit, splitting funds across multiple wallets and chains in an effort to reduce traceability.

Laundering shifts to Bitcoin

Following the freeze, the attacker accelerated efforts to move the remaining funds.

Data shows that approximately 75,701 ETH, worth about $175 million, was transferred to Ethereum mainnet.

From there, the funds began moving into Bitcoin through decentralized protocols like THORChain, Chainflip, and Umbra Cash, which allow direct cross-chain swaps without relying on centralized exchanges.

#PeckShieldAlert The @KelpDAO exploiter has begun laundering stolen funds (~$176M).

They have started bridging small batches of funds from #Ethereum to $BTC via @THORChain, @UmbraCash, @chainflip, and @BitTorrent. pic.twitter.com/4cm8dOjTWL

— PeckShieldAlert (@PeckShieldAlert) April 21, 2026

PeckShield analysts observed that the attacker left only about 0.7 ETH in some wallets, just enough to cover transaction fees, while draining the rest into new routes.

This pattern reflects a high level of operational discipline and planning.

Another $176 million portion of the stolen funds has also been actively moved in parallel transactions.

Rather than laundering everything in a single flow, the attacker appears to be running multiple streams at once.

This staggered approach reduces the risk of a single point of failure and makes recovery efforts more difficult.

Is the infamous North Korea’s Lazarus Group linked to the KelpDAO exploit?

The scale and coordination of the operation have led investigators to link the exploit to North Korea’s Lazarus Group, specifically a subgroup known as TraderTraitor.

This attribution is based on transaction patterns and laundering techniques that match previous operations tied to the group.

Lazarus has a long history of targeting crypto platforms and using complex cross-chain strategies to obscure stolen funds.

The use of decentralized bridges and rapid asset conversion seen in the KelpDAO case fits that pattern closely.

Digital asset investment products pulled in $1.4 billion last week, their strongest weekly haul since January and the third consecutive week of positive flows, according to CoinShares’ new report.

The result was driven by recovering risk sentiment tied to US-Iran ceasefire extension talks and Bitcoin’s mid-week move above $76,000, its highest level since February, the report notes.

Total assets under management reached $155 billion, with weekly flows representing 0.91% of AUM, the highest weekly intensity recorded year-to-date.

March CPI data, which came in at 3.3% year-on-year with a benign core reading of 2.6%, appeared to have little dampening effect on investor appetite.

Bitcoin and Ethereum led inflows, as altcoins diverged

Bitcoin drew $1.116 billion in inflows, lifting year-to-date totals to $3.1 billion, as its break above $76,000 marked a meaningful technical development following two months of range-bound trading.

Short-Bitcoin products saw just $1.4 million in inflows, indicating limited but residual hedging demand.

Ethereum attracted $328 million, its best weekly performance since January, bringing year-to-date flows to $197 million.

XRP and Solana recorded outflows of $56 million and $2.3 million, respectively, even as Bitcoin and Ethereum surged.

Regional flows show mixed signals

The regional breakdown is uneven. The US dominated with $1.5 billion in inflows and Germany chipped in $28 million, but Switzerland saw $138 million in outflows, the largest Swiss exit since November.

Market updates

Bitcoin traded at $75,249 at press time, up about 6% over the past seven days, while Ethereum gained more than 5% over the same period to top $2,300, per CoinGecko. Total crypto market capitalization stood at $2.6 trillion.

Key takeaways

PancakeSwap is holding above the key support level at $1.55, hinting at an upside move ahead.
Rising open interest alongside positive funding rates signals increasing participation.

PancakeSwap (CAKE) is trading in the green above $1.60 on Thursday after finding support around this key level the previous day. Positive derivatives data, along with constructive price action, suggest that CAKE could continue its upward trajectory in the coming days.

Bullish derivatives data pushes CAKE higher

CoinGlass data reveals a sharp increase in the futures’ Open Interest (OI) for PancakeSwap, which rose to $32.48 million on Tuesday and climbed further to $32.28 million on Thursday, the highest level since March 17. 

The steady increase in OI signals that new money is entering the market, which could sustain CAKE’s ongoing price rally.

Additionally, the funding rates are showing a positive shift, further supporting the bullish sentiment. CoinGlass’ OI-Weighted Funding Rate for CAKE turned positive on Wednesday and reads 0.0056% on Thursday. 

This indicates that long positions are paying short positions, further suggesting that the market sentiment remains bullish.

PancakeSwap price forecast: momentum indicators suggest further rally

The CAKE/USDT 4-hour chart is bullish and efficient, as Pancakeswap is trading at $1.60 at press time.

The coin retains a constructive bias, supported by its positioning above the 50-day and 100-day Exponential Moving Averages (EMAs) at $1.46 and $1.57, respectively. 

CAKE’s current price action indicates that underlying demand continues to drive the recent advance, despite CAKE remaining below the 200-day EMA at $1.81, which marks the upper boundary of the broader corrective structure.

The Relative Strength Index (RSI) on the daily chart is at 64, suggesting that while the price has firm upside momentum, it could be vulnerable to consolidation as it nears overbought territory. 

The Moving Average Convergence Divergence (MACD) remains positive, reinforcing the bullish short-term outlook.

On the upside, initial resistance is found at the 50% retracement of the latest swing at $1.67, followed by the 61.8% Fibonacci level at $1.78 and a nearby horizontal resistance at $1.79. The 200-day EMA at $1.81 represents a more substantial barrier.

However, if the bears regain control, immediate support lies at the 100-day EMA at $1.57, followed by the 38.2% retracement at $1.55. 

A deeper pullback could test the 50-day EMA at $1.46 and the 23.6% Fibonacci level at $1.40, with stronger structural support emerging near $1.28.

XRP, the native digital asset of the XRP Ledger, flashed its first bullish technical signal in three months.

According to on-chain analyst Ali, the SuperTrend indicator on XRP’s daily chart flipped to a buy signal on April 18, ending a stretch of sustained selling pressure that began in mid-January.

$XRP: SuperTrend flips bullish!

For the first time since Jan. 17, the SuperTrend indicator has flipped bullish on the daily chart. After months of “sell” pressure, we are officially seeing a buy signal that anticipates a major comeback in XRP’s trend.

While the trend has… pic.twitter.com/yiusXU3vIi

— Ali Charts (@alicharts) April 18, 2026

A rough start to the year

XRP fell about 27% in the first quarter of 2026, dropping from roughly $2.4 in January to a low near $1.16, marking its worst quarterly performance in eight years.

The asset was trading at $1.44 at press time, down about 3% in the last 24 hours, per CoinGecko. It still sits over 60% below its record high of $3.6 reached last July.

XRP continues to struggle around the $1.55 mark, which has repeatedly capped gains in recent weeks. Ali noted that a sustained break above it would expose upside toward $1.9, about 30% above current levels.

Wrapped XRP is now live on Solana

XRP holders can now participate in trading, yield generation, and liquidity provision on Solana without selling their assets, after wrapped XRP (wXRP) went live on the blockchain on April 17.

BREAKING: XRP is live on Solana https://t.co/pWiljVfc6m pic.twitter.com/QZbwd6qEN4

— Solana (@solana) April 17, 2026

The rollout bridges XRP into Solana’s high-speed DeFi environment, integrating with apps like Jupiter, Titan, Phantom, Meteora, and Byreal through Hex Trust and LayerZero infrastructure.

wXRP is fully collateralized 1:1 with XRP held in custody and remains redeemable at any time, maintaining peg stability while unlocking new utility outside the XRP Ledger.

Ripple CEO Brad Garlinghouse said the expansion reflects rising demand and an ongoing push into multi-chain ecosystems.

Two production-level partnerships in Asia

XRP has recently seen a utility boost following two new partnerships unveiled earlier this week.

Rakuten brought XRP into its e-commerce and fintech ecosystem in Japan, opening access to an estimated 44 million users across five million stores.

Separately, Kyobo Life Insurance in South Korea partnered with Ripple to digitize government bond settlement on blockchain, advancing production use cases in two of Asia’s largest economies.

World Liberty Financial is reshaping WLFI token supply.
About 4.52 billion insider tokens may be burned if the vote passes.
WLFI token price stays volatile, driven by governance vote expectations.

World Liberty Financial’s WLFI token has been in the spotlight after a major governance proposal that is expected to reshape the token’s supply structure.

The proposal centres on unlocking 62.28 billion tokens over time while also burning about 4.52 billion tokens tied to insider allocations.

The market reaction has been quick, mixed, and heavily driven by speculation rather than steady trend building.

At the time of writing, WLFI traded around $0.081, slightly higher on the day by about 1%.

However, the broader picture is less stable. Over the past week, the token has dropped more than 10%, and losses extend beyond 20% over the past month.

Despite occasional intraday recoveries, the overall trend still reflects sustained pressure from earlier selloffs.

A major shift in WLFI’s token structure

The core of the current debate is the proposed restructuring of a large portion of WLFI’s supply.

Roughly 62.28 billion tokens that were previously locked will no longer remain in indefinite restriction.

Instead, they would be released gradually over a multi-year period, estimated between four and five years.

This change is important because it replaces uncertainty with a defined timeline.

Investors will no longer have to guess if or when a large amount of tokens might enter circulation at once.

Instead, the release becomes structured and predictable, which reduces the fear of sudden supply shocks.

Alongside this unlock plan is a separate but closely connected mechanism: a burn of approximately 4.52 billion tokens.

This burn is targeted mainly at insider allocations, including team and advisor holdings, and is expected to take effect only if participants accept the new governance terms.

The combination of these two moves creates a balancing effect. On the one hand, more tokens are gradually introduced into the system.

On the other hand, a portion is permanently removed from supply expectations.

This dual approach is designed to ease concerns around dilution while still improving liquidity over time.

Market reaction driven by speculation and vote expectations

The market response to the proposal has been far from calm.

WLFI has seen sharp bursts of trading activity, including sudden volume spikes that suggest short-term speculation rather than long-term positioning.

In one instance, trading activity surged dramatically within a short window, showing how sensitive the token is to governance-related headlines.

Price action has also been closely tied to broader crypto sentiment.

Recent strength in the wider market has provided temporary support, helping WLFI hold small gains even as its medium-term trend remains weak.

Still, these gains have not been strong enough to reverse the overall downward structure that has been in place for weeks.

Whale activity has added another layer of volatility.

Large holders have been seen both selling into strength and accumulating during dips, creating a choppy and unpredictable price environment.

This kind of behaviour is typical when traders are positioning ahead of a major governance decision rather than reacting to long-term fundamentals.

Short-term WLFI token price outlook

In the short term, WLFI’s direction appears tightly linked to the outcome of the ongoing governance vote.

If support around $0.078 holds and the proposal gains approval, WLFI could attempt another move toward the $0.084 area, which has acted as a near-term resistance zone.

This scenario would likely be driven by renewed confidence in the tokenomics restructuring and reduced fear of uncontrolled supply expansion.

However, if the vote fails or sentiment weakens, the downside risk becomes more visible. A break below $0.078 could open the door to a retest of recent lows near $0.072.

In that case, selling pressure could accelerate as traders unwind short-term positions built around the proposal hype.

Beyond short-term volatility, the proposal signals a deeper restructuring of WLFI’s economic model.

By turning previously locked tokens into a structured vesting system, the project is attempting to replace uncertainty with long-term predictability.

The 4.52 billion token burn adds another layer to this strategy, acting as a signal of commitment from insiders while also reducing perceived excess supply pressure.

Combined with a multi-year unlock schedule, the goal is to smooth out future token distribution rather than allowing large, sudden changes in supply dynamics.

On-chain investigator ZachXBT is offering a $25,000 bounty for information related to alleged irregularities in RAVE, the native utility and governance token of RaveDAO, a web3 entertainment project that links music festivals with blockchain-based community participation.

In a statement on X on Saturday, ZachXBT alleged the project is tied to a pump-and-dump scheme, with insiders controlling the majority of supply. The blockchain sleuth urged crypto exchanges Binance, Bitget, and Gate.io to review the activity and take action.

Pump and dump activity for $RAVE originated on @bitget @binance @Gate

Call to action for both @heyibinance @GracyBitget to do better and launch internal investigation offboarding the responsible actors.

Offering up to $10K bounty of my personal funds for whistleblowers to… pic.twitter.com/NhZDubdU9R

— ZachXBT (@zachxbt) April 18, 2026

Update: I am increasing the RAVE bounty to $25K due to contributions from other community members.

Keep applying pressure to exchanges so they address the market manipulation. pic.twitter.com/UChKYuZvYK

— ZachXBT (@zachxbt) April 18, 2026

ZachXBT said he expects exchanges to conduct internal reviews and publish transparent findings on those responsible. He noted that crime-associated tokens harm the industry’s credibility.

Responding to ZachXBT’s call, Bitget CEO Gracy Chen said the team had initiated an investigation into the token.

Price action

RAVE trended sharply higher over the month. Data from CoinMarketCap shows that the token ballooned from $0.25 to $18 between April 1 and April 15 before easing and later resurging.

During the first rally, the project’s official account posted a muted warning during the volatility, encouraging users to “remain mindful of the associated risks” and exercise caution with leverage.

In the past week, RAVE rallied 1,200%, rising from $2.1 to approximately $28.

At one point on Saturday, the token’s market capitalization reached as high as $6.7 billion, briefly surpassing Litecoin (LTC) and Avalanche (AVAX) in the rankings.

Following ZachXBT’s statements, RAVE crashed 24% to under $13.

Project’s background

Founded in late 2023, RaveDAO has grown from a small 200-person crypto afterparty and to an initiative linking live music events with blockchain-based participation.

The project’s MiCAR White Paper lists Wildwood Xu as its director and Ronald Yung as one of the key leaders.

Some members of the crypto community have pointed to possible links between RaveDAO and ZX Capital and individuals associated with Bella Protocol. These claims remain unverified.

The project reports tens of thousands of community members and over 70,000 NFT tickets issued on-chain, alongside more than 100,000 total participants across 20-plus events in cities including Singapore, Dubai, Amsterdam, and Hong Kong. Its events feature major electronic music artists and use a proof-of-attendance model to track engagement and rewards.

RaveDAO also operates “Rave for Light,” a charitable program allocating a portion of event proceeds to social initiatives. In 2025, it funded cataract surgery in Nepal and supported education-focused programs through Nalanda West.