Gate News, April 14 — The $RAVE token, tied to Web3 music protocol RaveDAO, surged 68% in the past 24 hours, pushing its market cap to nearly $4 billion. Over the past seven days, the token climbed from $0.25 to above $16, a gain exceeding 6,000%. Trading volume hit $870 million in 24 hours, representing 22% of the market cap. Open interest on RAVE futures surpassed $200 million, the RSI exceeded 95, and 74% of traders on another major exchange were positioned short before the spike. A single day saw $17 million in short liquidations.
RaveDAO issued a statement today acknowledging “heightened market volatility” and urging users to exercise caution with leveraged positions. Only 24% of the total $RAVE supply is currently in circulation, with 76% held in wallets traced to the project. Three Gnosis Safe wallets hold 75.2%, 9.87%, and 4.67% of the supply respectively, concentrating roughly 90% with what appears to be the team. The top 10 wallets control over 98% of all tokens. At current prices, the 752 million tokens not in circulation carry a paper value of approximately $7.5 billion.
Roughly 10 hours before the price rally began, wallets linked to the RaveDAO deployer transferred 18.58 million tokens to a major CEX, one of the project’s listed exchange partners. No announcement or disclosure was made, and the price was still below $0.50. Analyst Jeremy described the move as a textbook short squeeze on a low-float token where insiders controlled the vast majority of supply and had already positioned on an exchange before retail participation.
On-chain investigator ZachXBT posted this morning, calling it “the type of post a team makes while insiders control 90% of the supply and manipulate price on centralized exchanges.” ZachXBT revealed he had reached out to RaveDAO’s co-founder eight hours before posting publicly and was left on read.
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