The RAVE cryptocurrency surged by thousands of percent in a week and entered the top 20 assets by market cap, only to crash 90% within a day. Experts described this as a coordinated manipulation and pointed to other tokens with similar patterns.
Amid ongoing market manipulation allegations involving the RaveDAO ($RAVE) token, the project’s development team has issued a detailed response. In its statement, RaveDAO denied any connection between recent price fluctuations and the team’s actions.
Amid growing manipulation allegations surrounding the RaveDAO ($RAVE) token, one of the largest crypto exchanges, Binance, has issued a notable statement.
$RAVE is trading at $16.74 as of April 15, up 1.09% after a 6,000% rally over seven days that pushed its market cap to $4.1 billion, while on-chain data shows that 90% of supply is concentrated in three project-linked wallets, and $17 million in shorts were liquidated in 24 hours.
Analysts have called RaveDAO’s surge a classic “deceptive tactic.” The crypto asset entered the top 30 largest cryptocurrencies by market capitalization without any news or visible catalysts.
While the market is shaken by new geopolitical risks, RaveDAO ($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.
The utility token of RaveDAO ($RAVE) experienced an astronomical surge, rising by 245% in 24 hours, surpassing the $9 mark and reaching a market capitalization of $2.4 billion.
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