RAVE token surges 2,000 percent as analysts flag market manipulation

Yesterday 11:42

By: Dakir Madiha

RAVE token surges 2,000 percent as analysts flag market manipulation

The RAVE token linked to RaveDAO surged from about $0.30 to above $6.20 between April 10 and April 13, triggering concerns among analysts who say the rally shows signs of coordinated market manipulation targeting retail traders.

Onchain researchers reported that the sharp move, representing gains of more than 2,000 percent in less than a week, may have been designed to force liquidations on futures markets hosted by Bitget. The episode has renewed calls for stronger oversight of crypto derivatives trading.

According to analysis by EmberCN, large inflows preceded the price surge. Around 30.58 million RAVE tokens, valued at roughly $42 million, were deposited on Bitget in the days leading up to the rally. This created visible selling pressure and encouraged traders to open short positions.

The situation then reversed. Over the following two days, 31.94 million tokens were withdrawn from the exchange to onchain wallets, reducing available supply. At the same time, aggressive spot buying pushed prices higher. The combination of reduced liquidity and rising prices forced short sellers into rapid liquidations.

Data cited from Coinglass showed that short liquidations reached $11.75 million in a single 24 hour period, compared with $3.91 million in long liquidations. The limited circulating supply amplified the move, with only about 24 percent of the token’s one billion maximum supply in circulation.

Further concerns stem from earlier accumulation patterns. Jeremy, co founder of Glyde, said two wallets had quietly accumulated about 10 million RAVE tokens each over several months when prices were below $0.50. These holdings were later deposited on Bitget near the peak, suggesting coordinated timing. Another analyst, Wise Advice, reported that wallets linked to the token deployer transferred 18.58 million tokens to the exchange before the initial price jump, without public disclosure.

The episode reflects a broader tactic known as liquidation hunting, where large players move spot prices to trigger forced closures of leveraged futures positions. According to Yahoo Finance, the token reached a record near $6.40 even as warnings about suspicious activity intensified.

The incident highlights ongoing concerns about market integrity in crypto derivatives, where limited regulation and fragmented liquidity can expose retail traders to coordinated trading strategies.