The RAVE bearish view holds that:

- There is clear fund linkage between the project team’s associated address and the two addresses that deposited funds before the price launch, raising suspicions of internal pre-arrangement and a pump-and-dump to distribute (sell off).
Within 7 hours, a certain multi-signature address cumulatively withdrew 29.78 million RAVE from CEX, worth $33.68 million, forming an obvious deposit-then-rapid-withdrawal arbitrage pattern.
Before the price launch, the project team deposited 18.58 million tokens(, then valued at $8 million; it is now up by $11 million) — a typical method used by a controlling party to reduce slippage for subsequent distribution.