$RAIN, the token linked to Rain Protocol, has come under scrutiny after crypto traders and on-chain investigator ZachXBT raised questions about its supply structure, liquidity activity and project links.

The discussion began after FabianoSolana claimed that $RAIN had become a top 15 crypto token with a fully diluted valuation near $9 billion. The account also alleged that the top 81 wallets hold 99.97% of the token supply.

That claim has not been independently confirmed by the project in the posts reviewed. However, it drew attention because high wallet concentration can increase price risk if insiders, early holders or related parties control most available supply.

FabianoSolana also pointed to Rain Protocol’s claim that it is the…