While the broader market reels from renewed geopolitical concerns, RaveDAO (RAVE) has bucked the trend, hitting a new all-time high.
The token has surged by triple digits over the past 24 hours, continuing the rally that has seen its value surge by over 2,200% in the past week alone.
RaveDAO (RAVE) Bucks Broader Market Downturn
RaveDAO is the utility token of a Web3 entertainment collective. The project blends crypto, music events, and community ownership to onboard users to crypto through NFTs, tokens, and community governance.
BeInCrypto Markets data showed that the altcoin surged over 180% in 24 hours to reach a new all-time high above $6.4, a stark contrast to the broader crypto market’s 2.68% slide. At press time, it pulled back to $5.9.
The rally pushed its market cap beyond $1.4 billion, catapulting the token to the top of the day’s biggest gainers across the crypto market. The 24-hour trading volume of $468 million represented a 145.20% increase from the prior day.
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On-Chain Data Raises Questions About RAVE’s Price Pump
Despite the euphoria, analysts have been raising concerns about the nature of the price pump. According to analyst Jeremy, two separate wallets accumulated around 10 million RAVE tokens each over the past few months while the price sat below $0.50.
Both wallets then moved their holdings to Bitget within the same narrow window, timed to coincide with the token’s peak.
“There is no major announcement during the pump. On-chain activity looks manipulated,” another analyst wrote. “Right as the pump started, 2 wallets dumped 18.58M RAVE tokens into Bitget. Those wallets? Linked to the token’s own deployment address.”
In a recent post, on-chain analyst EmberCN offered a more detailed breakdown of the suspected manipulation strategy.
“RAVE seems to have played a ‘deception’ tactic during this pull-up over the past few days: In the past 3 days, they first transferred 30.58 million RAVE ($42 million) to Bitget, luring funds to short. Then, in the past 2 days, they withdrew 31.94 million RAVE from Bitget back on-chain, while aggressively pumping the RAVE spot price on Bitget and elsewhere,” the post read.
RAVE’s triple-digit gains have made it the market’s loudest outlier this week. Whether the token can hold these gains is now the central question.
