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RaveDAO (RAVE) surges 180% and hits new high — why analysts are raising concerns
While the market is shaken by new geopolitical risks, RaveDAO ($RAVE) is moving in the opposite direction and setting a new all-time high.
Over the past 24 hours, the token has posted triple-digit gains, continuing a rally that has pushed its price up more than 2,200% over the past week.
RaveDAO moves against the market
RaveDAO is a utility token of a Web3 project that combines crypto, music events, and a shared ownership model. The team focuses on attracting users through NFTs, tokens, and community governance participation.
Over the past day, the altcoin surged by more than 243% and reached a new all-time high above $10. This sharply contrasts with the broader market, which declined by 2.68% during the same period. At the time of publication, the price had pulled back to around $9.70.
RAVE price dynamics. Source: CoinMarketCap
Amid this surge, the token’s market capitalization exceeded $2.4 billion, placing $RAVE among the top daily gainers across the crypto market.
Trading volume over the past 24 hours reached $733 million, increasing by 210.44% compared to the previous day.
On-chain data raises questions
Despite the hype around the token, analysts are increasingly questioning the nature of this growth. According to analyst Jeremy, over the past few months, two wallets accumulated approximately 10 million $RAVE each while the price remained below $0.50.
Later, both addresses almost simultaneously transferred their tokens to the Bitget exchange, coinciding with a local price peak.
“During the rally, there were no significant news events. The on-chain activity looks like manipulation. As soon as the pump started, two wallets sent 18.58 million $RAVE to Bitget. And these addresses are linked to the wallet used during the token launch,” one analyst wrote.
A more detailed breakdown was provided by on-chain analyst EmberCN. According to him, the scheme may have been more complex.
“It appears that $RAVE used deceptive tactics during this rally. Over the past three days, 30.58 million $RAVE worth around $42 million was first sent to Bitget to trigger short positions. Then, within two days, 31.94 million $RAVE was withdrawn back on-chain while aggressively pushing the spot price on Bitget and other platforms,” his post stated.
The sharp rise in $RAVE has made it the most talked-about token of the week. The key question now is whether it can sustain these levels.
See also: "Bitcoin hits monthly high above $74K"
