RaveDAO's RAVE token surged approximately 4500% over seven days, causing $43 million in forced liquidations on leverage futures positions in the past 24 hours alone, ranking it third in crypto liquidation volume behind Bitcoin and以太坊. Observers suspect the short squeeze was orchestrated by team members transferring tokens to exchanges, triggering cascading liquidations. RAVE token supply is heavily concentrated in a small number of Gnosis Safe wallets potentially controlled by the team, severely limiting market liquidity and raising concerns about potential price manipulation and future crashes targeted at retail investors. The platform positions itself as a Web3 music platform combining EDM culture with blockchain functionality.

What to Read Next

Share this article
The link has been copied!