RAVE token jumps 10,000%; $19M short squeeze liquidates traders
RAVE surged about 10,000% since April 1 to $27.88 and a $6.6B market cap, cracking CoinGecko top 20 as a $19M short squeeze wiped out about 16,000 leveraged positions.
RAVE token surged roughly 10,000% since April 1, reaching an all-time high of $27.88 and a market capitalization near $6.6 billion, moving the token into CoinGecko’s top-20 rankings.
At 1:23 a.m. EDT on April 18, RAVE jumped nearly 50% in 24 hours to record its peak, pushing weekly gains above 1,200% and cumulative gains since April 1 past 10,000%. The price later eased to just under $27. The rally moved RAVE to CoinGecko’s No. 19 spot, overtaking Monero, Stellar and Zcash and approaching Chainlink’s market value at the time.
The surge triggered more than $19 million in leveraged liquidations across major exchanges, eliminating about 16,000 positions in a 24-hour period. Short positions accounted for roughly $17 million of the liquidations. The single largest recorded loss was $161,505. Open interest in RAVE futures climbed above $200 million and daily trading volume reached about $270 million.
On-chain data showed 248 million RAVE tokens in circulation out of a maximum supply of 1 billion. Tokens not in circulation were valued at about $19.44 billion at the peak price, compared with roughly $195 million on April 1.
An angel investor using the name Jeremy posted on X that roughly 10 hours before the breakout, wallets linked to the RaveDAO deployer moved 18.58 million tokens to Bitget without public disclosure. The post read: “Roughly 10 hours before the price exploded, wallets linked to the RaveDAO deployer quietly moved 18.58 million tokens to Bitget. No announcement. No disclosure. Price is still under $0.50. Ten hours later, the price started moving, and it didn’t stop.” The post added that 74% of traders on Binance were positioned for a decline before the squeeze.
Some market participants and on-chain analysts pointed to the concentration of holdings and unusual wallet activity ahead of the price spike and raised concerns about potential coordinated selling on exchanges.
RaveDAO describes itself as a Web3 music protocol and RAVE functions as a utility token for the project. Exchange flows, futures open interest, trading volumes and on-chain movements remain under close watch as the token’s price stays volatile.
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