While the broader market is reeling from new political concerns, RaveDAO (RAVE) has bucked the trend, with a massive uptick.
The token has risen by triple digits in the past 24 hours, continuing a rally that has seen its profits soar by 2,200% in the past week alone.
RaveDAO (RAVE) Bucks Broader Market Downturn
RaveDAO is the token sponsor of the Web3 entertainment community. This project combines crypto, music events, and community ownership for users who belong to the community to crypto through NFTs, tokens, and society authority.
BeInCrypto Markets information is displayed that altcoin went up at 180% in 24 hours to reach a new all-time high of $6.4, very different from the broader crypto market slide of 2.68%. At press time, it was back to $5.9.
The rally brought its market cap to over $1.4 billion, making the brand the top gainer of the day. pass through crypto market. The 24-hour trading volume of $468 million represented an increase of 145.20% from the previous day.
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On-Chain Data Raises Questions About RAVE’s Price Pump
Despite the excitement, critics have been raising environmental concerns at the pump price. According to analyst Jeremy, two different wallets acquired a total of 10 million RAVE tokens in the past few months when the price was below $0.50.
Both bags then moved the carriers to Bitget within it narrow window, fixed to match the peak of the signal.
“There is no big announcement on the pump. On-chain work looks fake,” another expert he wrote. “As soon as the pump started, two wallets lost 18.58M RAVE tokens in Bitget. The wallets? Corresponding to the address the token sends to.”
In a recent post, chain researcher EmberCN detailed the suspected method.
“RAVE seems to have used a ‘trick’ in the last few days: In the last three days, they transferred 30.58 million RAVE ($42 million) to Bitget, attracting money. and post read it.
RAVE’s triple digit gains have made it the loudest in the market this week. Whether the brand can sustain these gains is now the big question.
A note RaveDAO (RAVE) Soars 180% to Record High: Why Are Researchers Sounding the Alarm? appeared for the first time BeInCrypto.
