The price of RaveDAO (RAVE) fluctuated 53.1% in the last 24 hours amid a surge in speculative trading and large token transfers from whale wallets. The token rebounded from a low of $0.8435 to a high of $1.2916 before settling at $1.073 as of April 23, 22:04 UTC.
"Trading volume is 1.2 times the market cap, with futures liquidations reaching tens of millions of dollars, reflecting how high-leverage speculation is driving extreme swings," Bitget Pulse noted in an automated analysis. On-chain data showed that whales transferred millions of RAVE to exchanges including Bitget, directly amplifying price volatility.
The speculative frenzy pushed trading volume to approximately $307 million, a more than 1000% increase that outpaced the token's market capitalization of $251 million. Data from Coinglass shows a 429% surge in leveraged futures positions, indicating that high-risk trades are a primary driver of the price action. The token's rise also coincides with reports of an EDM-themed token rising over 1000% during the Coachella music festival, sparking "pump-and-dump" accusations.
Concerns are growing around the token's low circulating supply, with over 90% reportedly controlled by the project's team, which could trigger further crash risks. Analysts note that with short-term volatility exceeding 200%, traders should exercise strict risk control. The next key level to watch is the recent high of $1.2916, while a break below the $0.8435 low could signal a deeper correction.
This article is for informational purposes only and does not constitute investment advice.
