Analyst: RAVE surged 20x in 3 days amid suspected price manipulation

On-chain analyst EmberCN noted a recent pattern of projects manipulating spot prices to trigger liquidations against retail investors in the futures market. He pointed to RaveDAO (RAVE), which surged approximately 20-fold over the past three days, rising from $0.3 to $6.2 this morning. EmberCN suggested that RAVE employed a 'confusion tactic' during this surge. He explained that three days ago, 30.58 million RAVE, valued at $42 million, were deposited into Bitget, a move seemingly designed to encourage short selling. Subsequently, over the past two days, 31.94 million RAVE were withdrawn from Bitget back on-chain as the spot price was aggressively driven higher.