- RaveDAO’s price rose significantly over the course of a week, but then collapsed by more than half.
- Wealthy traders are suspected of pumping and dumping the RAVE price due to its sharp price fluctuations.
- Some of the profits from investments in RaveDAO were likely invested in Bitcoin.
In light of recent turmoil in the cryptocurrency market, it’s worth examining why whales have been accused of manipulating the price of the much-hyped digital asset RaveDAO (RAVE).
Over the past week RAVE went up in price More than 46 times, but wealthy traders were suspected of fraud due to the coin’s unexpected price drop after reaching an all-time high of $14,91. A hypothesis emerged that the wealthy traders had carried out a pump-and-dump scheme, amassing their capital at the expense of other market participants who had suffered losses.
RAVE magically rose to $13,27 on the stock exchange. OKThis resulted in someone’s $1,1 million long position being liquidated. But the question no one is asking is how did the cryptocurrency price reach such a high level in the first place? wrote A social media user trading RaveDAO under the pseudonym Honey.
The answer to this question lies in the inverse correlation between the price of RAVE and Bitcoin. On April 13 at 21:00 PM Moscow time, RaveDAO began to plummet, plummeting by 51%. Meanwhile, the BTC price, began to rise at this time and increased by almost 4%. Therefore, it can be assumed that crypto whales RAVE was heavily invested in, and its price was rising due to the massive capital influx. However, on Monday, the wealthy began dumping their coins to lock in profits and invest them in Bitcoin.
RAVE price collapse
Blockchain analyst Saim считаетIt’s believed that all the wealthy traders are involved in the RAVE price pump and dump. Therefore, if the bigwigs don’t return to the market, the RaveDAO price will never reach its all-time high and will continue to decline. Virtual currency trader sirtradesalot predicts exactly this sad fate for RAVE. For more information on the pump and dump scheme in the cryptocurrency market, see guide Happy Coin News.
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