RAVE Jumps to Record $9.79 in Short Squeeze

RAVE, the native token of RaveDAO, rose to an intraday high of $9.79 on April 13 in a short squeeze that liquidated $37.63 million in short positions, according to liquidation trackers. The rally followed a week of rising futures open interest and concentrated token ownership.

Open interest in RAVE futures began climbing on April 6, with the largest increases recorded on Binance and OKX. Trading in RAVE is concentrated on centralized exchanges including GATE, Binance and BingX. Reported open interest climbed about 76% in a single day around the rally.

On-chain liquidation trackers and futures data show the price spike wiped out nearly all short bets. Most of the liquidated short positions had been opened within the previous week rather than representing long-standing bets against the token. The event ranked among the largest single-day liquidations for the period and exceeded liquidations in some larger assets.

RAVE launched its token at the end of 2025 and gained a Coinbase listing in February. The token traded near $0.25 for months, then rose from roughly $0.20 to $2 over three weeks earlier this spring before reaching the $9.79 peak. After the high, the price pulled back to about $8.67 as volatility eased.

Token ownership is highly concentrated. The top 10 wallets hold about 98.16% of supply, with the largest wallet controlling roughly 42% and the second-largest about 23%, leaving retail addresses with roughly 1.83% of circulating supply. The sudden futures growth and atypical on-chain patterns prompted observers to flag possible manipulation; some analysts estimate up to half of the open interest increase may be non-organic.

Data indicate long positions were built in the days before the squeeze in a pattern that attracted professional traders and large holders to take short positions, creating conditions for widespread liquidations when prices moved higher.

Community members and traders raised concerns about the sequence of events and the potential for coordinated activity. Exchanges and market monitors are reviewing the trading patterns and futures flows that produced the squeeze.