RAVE Token Surges Nearly 4,000% In A Week To Record High – Analysts Flag Possible Manipulation

• RAVE surged nearly over 230% on Monday, briefly crossing the $10 mark before pulling back.
• The rally triggered more than $40 million in liquidations, largely from short positions.
• On-chain analysts pointed to whale activity that may have influenced price movements.

RaveDAO’s native token RAVE (RAVE) climbed to a record high of over $10 on Monday however crypto analysts and researchers believe the pump was the token’s price being manipulated into pushing higher. 

RAVE’s price has rocketted nearly 4,000% over the last week in a seven-day streak of gains. The token rose 230% to $9.98 at the time of writing, paring gains after hitting a record high of over $10. On Stocktwits, retail sentiment around the altcoin trended in ‘extremely bullish’ territory, accompanied by ‘extremely high’ levels of chatter. 

Meanwhile. Bitcoin’s price rose 1.3% to around $71,700 in the last 24 hours. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘bullish’ territory over the past day, while chatter rose to ‘high’ from ‘normal’ levels. 

Why Is The RAVE Token Pumping?

CoinGlass data showed RAVE saw over $40 million in liquidations over the past 24 hours. Of that total, $7.54 million was long liquidations and over $34 million came from short bets.

On-chain analyst Ember CN said large holders may have influenced price action. In a post on X, the analyst wrote that whales appeared to control the spot market before using derivatives to “harvest” positions.

According to the analysis, roughly 30.6 million RAVE tokens, worth about $42 million, were moved to Bitget over three days, potentially drawing in short sellers. Over the following two days, about 31.9 million tokens were withdrawn while the spot price was pushed higher.

Some users on Twitter also noted that Donald Trump Jr. had shared news of RAVE’s listing with USD1 (USD1) on Aster (ASTER) in December, raising questions among some market participants about possible connections.

On Stocktwits, several retail traders echoed a similar sentiment, noting that the rally could reverse sharply, with some describing it as a potential “rug pull” in the making.

What is RaveDAO?

The decentralized entertainment organization generates revenue through live events, including a recent Formula One week experience in Singapore.

The project positions itself at the intersection of real-world events and blockchain features. Attendees receive proof-of-participation non-fungible tokens, creating a verifiable on-chain community. The project also allocates 20% of proceeds to the Tilganga Eye Center to fund sight-restoring surgeries, a feature that has resonated with some investors.

After starting the month at approximately $0.25, RAVE’s market capitalization skyrocket from a modest $62 million on April 1 to over $2.4 billion at the time of writing

Read also: Bitcoin Holds Onto $70,000 After Oil Prices Spike On Trump’s Strait of Hormuz Blockade

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