RaveDAO (RAVE) Surges 180% to Record High: Why Are Analysts Sounding the Alarm?
BeInCrypto
RaveDAO (RAVE) hit a record high following a massive surge, though analysts suspect market manipulation linked to the project's deployment address.Summary
RaveDAO (RAVE), a utility token for a Web3 entertainment collective, recently surged over 180% in 24 hours to reach a new all-time high, bucking broader market trends. While the rally pushed its market cap above $1.4 billion, on-chain analysts are warning of potential manipulation. Reports from analysts like Jeremy and EmberCN suggest that wallets linked to the token's deployment address accumulated large quantities of RAVE before the price spike and executed coordinated trades on Bitget to trap short-sellers, raising significant doubts about the sustainability of the price action.
(Source：BeInCrypto)