RAVE (RaveDAO) rose 81.96% in 24 hours

Gate News Bot news, on December 22, according to CoinMarketCap data, as of the time of writing, RAVE (RaveDAO) is currently priced at $0.69, with a rise of 81.96% in the last 24 hours, reaching a high of $0.77 and a low of $0.26, with a 24-hour volume of $287 million. The current market capitalization is approximately $160 million, an increase of $72.1 million compared to yesterday.

RaveDAO is a global community of electronic dance music enthusiasts dedicated to bringing millions of electronic dance music lovers into the crypto ecosystem. The founding team consists of music lovers, serial entrepreneurs, builders, early crypto adopters, and technology industry professionals. It officially launched in November 2023 as a 200-person party during a crypto conference and has since grown into a global movement that attracts an average of 3,000 participants. Each event participant will receive an NFT as proof of participation, and 20% of the event proceeds will be donated to charities chosen by the community.

RaveDAO supports global charitable causes through the RAVE For Light project, currently funding eye surgeries in remote areas of Nepal and global health education programs. RaveDAO has held large events in places like Singapore and Amsterdam, dedicated to creating a “new rave experience” for electronic dance music enthusiasts.

Important Recent News about RAVE:

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

The Gate platform has launched RAVE perpetual contract trading, flash trading, and Gate Perp DEX trading, supporting 1-20 times leverage operations and a one-click exchange feature for over 2200 cryptocurrency assets. The introduction of diversified trading pairs significantly expands market participation channels, reduces trading costs, and enhances capital liquidity. Additionally, Aster Rocket Launch has exclusively listed the RAVE/USD1 trading pair and established a $200,000 ASTER reward, further enriching the trading ecosystem and providing infrastructure support for token price rises.

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

Recent large-scale buying activities indicate that institutional investors' recognition of the project's prospects has significantly increased. A whale address purchased 1.65 million RAVE with 539.6 BNB (approximately $476,000), with paper profits reaching $950,000; two newly created 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, achieving a profit of $100,000 (an 83% return). These large transactions and the profit-taking by early investors reflect the actual increase in market enthusiasm, while the rise in on-chain trading activity further drives improvements in token liquidity and market attention.

3️⃣ The callback phase after going live has ended and technical adjustments have been made

RAVE officially launched on December 14, with an initial price of around $0.50, followed by a typical “launch and then pullback,” dipping as low as $0.27 at one point. The price quickly rebounded and returned to around $0.50, indicating strong buying support at low 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, showing that participation in the derivatives market continues to rise, and changes in OI direction are often seen as important signals for the end of a pullback. The liquidation heatmap shows that the short liquidation area above is denser, meaning that if the price continues to rise, it may trigger a short squeeze, amplifying short-term gains.

This message is not intended as investment advice, investments should be made with caution regarding market volatility risks.