RAVE Token Soars 180% to $6.4 as On-Chain Flows Draw Scrutiny

RaveDAO’s RAVE token rose 180% in 24 hours to an intraday high of $6.40, lifting the token’s market capitalization above $1.4 billion. The token gained more than 2,200% over the past week. Twenty-four hour trading volume climbed to about $468 million, roughly a 145% increase from the prior day. The price later pulled back to about $5.90 while the broader crypto market posted a modest decline over the same period.

On-chain analysts highlighted concentrated token flows between wallets and the Bitget exchange during the rally. One analyst identified two wallets that accumulated roughly 10 million RAVE tokens each while the token traded below $0.50, then moved those holdings to Bitget within a narrow window as prices reached the peak. “There is no major announcement during the pump. On-chain activity looks manipulated,” the analyst wrote.

A separate on-chain researcher provided a sequence of transfers involving Bitget. The researcher reported that 30.58 million RAVE, valued at about $42 million at the time, were sent to Bitget over several days. Shortly afterward, roughly 31.94 million RAVE were withdrawn from Bitget back to on-chain wallets while the token’s spot price on Bitget and other venues was bid higher. The researcher described the sequence as a “deception” tactic in their post.

Observers also identified wallets that appeared connected to the token’s deployment address. One analyst noted that two wallets “dumped 18.58M RAVE tokens into Bitget” as the pump began, a transfer that coincided with the peak in price.

RaveDAO describes RAVE as the utility token for a Web3 entertainment collective that combines crypto, music events and community ownership, using NFTs, tokens and governance to onboard users.

At the time of reporting, neither RaveDAO nor Bitget had issued a public comment about the on-chain transfers or the price surge. Traders and analysts are monitoring on-chain flows and exchange activity for any further movements or disclosures.