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Bitcoin and Ethereum Followed by Securing 3rd Place: This Altcoin Surged 4500% in One Week

RaveDAO project's native token RAVE, after experiencing a massive 4,500% increase in the past week, has moved into third place in liquidation data, following Bitcoin and Ethereum, capturing the crypto market's attention.

RAVE, a newcomer to the crypto scene, has attracted attention with its extraordinary performance over the past seven days. This altcoin's market cap skyrocketed from $60 million to $2.8 billion in a short period, and it managed to join the ranks of the giants not only through price appreciation but also through activity in the futures markets. The intense investor interest and speculative moves have made the asset one of the most discussed projects in terms of trading volume and risky positions.

According to Coinglass data, within the last 24 hours, $44 million worth of RAVE positions were forcibly closed on exchanges. This figure pushed the asset just behind Bitcoin (BTC), with $229 million in liquidations, and Ethereum (ETH), with $135 million, on the liquidation list. The majority of these liquidations consisted of short positions—bets that the price would fall—highlighting how intense the upward pressure in the market has been.

Market experts suggest that this sudden surge could be due to a “short squeeze,” where investors betting on a price decline are forced to buy as the price suddenly rises, accelerating the upward movement. Some reports indicate that the project team moved large amounts of tokens to exchanges, giving the impression they would sell, prompting investors to take short positions. Subsequently, the withdrawal of these tokens and the aggressive upward push in price led to the liquidation of investors caught in a “bear trap,” one by one.

RaveDAO describes itself as a platform that combines electronic dance music culture with blockchain technology. However, data shows that approximately 90% of RAVE's supply is concentrated in just three wallets. These multi-signature wallets are typically controlled by the project team. The concentration of ownership in such a small group reduces liquidity in the market and makes price manipulation easier. This situation has led experts to warn investors to be cautious of potential sharp declines.