While the market is reeling amid new geopolitical risks, RaveDAO (RAVE) is moving in the opposite direction and hitting a new all-time high.
In the past 24 hours, the token has shown triple-digit growth, continuing a rally that has pushed its price up more than 2,200% in just one week.
RaveDAO Moves Against the Market
RaveDAO is a utility token for a Web3 project that combines crypto, music events, and a co-ownership model. The team is betting on attracting users through NFTs, tokens, and community governance participation.
In the past day, the altcoin has grown by more than 243% and set a new all-time high above $10. This sharply contrasts with the overall market, which fell 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 growth, the token’s market capitalization exceeded $2.4 billion, and RAVE became one of the day’s top gainers in the entire crypto market.
Trading volume over 24 hours reached $733 million, up 210.44% compared to the previous day.
On-Chain Data Raises Questions
Despite the hype around the token, analysts are increasingly skeptical about the nature of this growth. According to analyst Jeremy, in recent months two wallets accumulated about 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.
“There was no significant news during the price surge. 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 at the token’s launch,” one analyst wrote.
A more detailed analysis was presented by on-chain analyst EmberCN. According to him, the scheme could have been much more complex.
“It looks like RAVE used a deceptive tactic during this surge. Over the past three days, 30.58 million RAVE worth about $42 million were first sent to Bitget to provoke short openings. Then, over two days, 31.94 million RAVE were withdrawn from the exchange back to the network, while aggressively driving up the spot price both on Bitget and other platforms,” his post said.
The sharp rise of RAVE has made it the most talked-about token of the week. Now the main question is whether it can hold these levels.
