Overview
- RAVE, which spiked above $14 on Monday, jumped from about 25 cents in a week and briefly entered the top 50 by market value.
- Roughly $37 million in leveraged positions were liquidated over 24 hours, including about $31 million in shorts that were forced to buy back the token.
- Derivatives pressure intensified as funding fees on perpetual swaps ran at annualized 2,700% to 4,800% on Binance and OKX, and open interest was reported above $200 million.
- Only about 24% of the 1 billion tokens trade freely, while about 90% sit in three wallets and more than 98% in the top 10, which lets small orders move the price a lot.
- On-chain trackers flagged transfers of roughly 30 million RAVE from a deployer-linked wallet to Bitget before the move and later withdrawals, fueling manipulation claims and warnings that such a setup can reverse fast.