RAVE Price Surge Sparks Speculation Amid Large-Scale Wallet Movements

RAVE's recent price hike has left many wondering about its underlying causes. According to on-chain data, a multisig address withdrew 29.78 million RAVE tokens from Bitget over the course of seven hours, valued at $33.68 million.

This large-scale withdrawal was preceded by two linked addresses depositing 18.58 million tokens worth $8 million just before the price surge. Observers are drawing parallels with past crypto market frenzies, where altcoins experienced pump-and-dump patterns.

Traders are also eyeing the potential for insider trading, given that funds trace back to Bitget withdrawals and the RAVE deployer address. The deposits hit exchanges as prices skyrocketed from $0.43 to over $1 in hours.