RAVE (RaveDAO) rose 19.67% in 24 hours

Gate News Bot news, on December 23, according to CoinMarketCap data, as of the time of writing, RAVE (RaveDAO) is currently priced at $0.62, with a pump of 19.67% over the past 24 hours, reaching a high of $0.77 and a low of $0.26, with a 24-hour volume of $105 million. The current market capitalization is approximately $142 million, an increase of $23.3 million compared to yesterday.

RaveDAO is a global movement formed by music enthusiasts, serial entrepreneurs, builders, early adopters of crypto, and practitioners from the tech industry. The project aims to bring millions of electronic dance music fans into the crypto ecosystem. Since its launch as a party for 200 people during a crypto conference in November 2023, it has grown to attract an average of 3,000 participants per event. Each participant receives an NFT as proof of participation, and 20% of the event profits are donated to charities selected by the community. RaveDAO upholds the values of peace, love, unity, and respect, striving to make the world a better place.

Important Recent News about RAVE:

1️⃣ Expansion of trading pairs and diversified trading functions drive liquidity rise

The Gate platform has launched RAVE perpetual contract trading, flash exchange trading, and Gate Perp DEX trading, supporting 1-20x leverage operations and one-click exchange functions for over 2,200 cryptocurrency assets. The introduction of diversified trading pairs has significantly expanded market participation channels, reduced trading costs, and improved capital liquidity. In addition, Aster Rocket Launch has also exclusively launched the RAVE/USD1 trading pair and established a $200,000 ASTER reward, further enriching the trading ecosystem and providing infrastructure support for the rise in token prices. These multidimensional improvements in liquidity have significantly lowered the entry and exit costs for market participants, helping to attract more incremental funds into the market.

2️⃣ Institutional buyers are intensively building positions and large on-chain transactions are active

Recent large-scale buying activities indicate a significant increase in institutional investors' recognition of the project's prospects. A whale address purchased 1.65 million RAVE for 539.6 BNB (approximately $476,000), with a paper profit reaching $950,000; two new wallets withdrew 300,000 USDT from exchanges specifically for RAVE purchases. Early traders bought 553,000 RAVE at a cost of $0.22 and later sold all at a price of $0.4, earning a profit of $100,000 (an 83% return). These large transactions, along with early investors taking profits, reflect a genuine rise in market enthusiasm, while the increase in on-chain trading activity further enhances both token liquidity and market attention. Additionally, the continuous rise in the number of new holders indicates that retail participation is also expanding, providing a certain foundational breadth to market enthusiasm.

3️⃣ The callback phase after launch is complete and technical adjustments are made

RAVE officially launched on December 14, with an initial price of around $0.50, followed by a typical “retrace after launch”, dipping to a low of $0.27. The price then quickly rebounded and returned to near $0.50, showing strong support at lower levels. From a technical perspective, the price has recovered from the double bottom structure after the launch and regained key support levels, with bulls still dominating in the short term. The open interest (OI) has exceeded $17 million, indicating a continued rise in participation in the derivatives market, and changes in OI direction are often viewed as important signals for the end of a retracement. The liquidation heatmap shows that the short liquidations above are more concentrated, suggesting that if the price continues to rise, it may trigger a short squeeze, amplifying the short-term pump.

This message is not intended as investment advice; investments should be made with attention to market volatility risks.