RAVE Sees Significant Liquidations Amid Price Surge

The cryptocurrency market continues to experience volatility with various assets experiencing significant price fluctuations. Recently, the token RAVE has been a notable exception, with its price surging above $27.

According to data from Coinglass, the total liquidations of RAVE across the network reached $20.64 million in the past 24 hours, ranking second only to Bitcoin and Ethereum among all cryptocurrencies.

The majority of these liquidations were short positions, with a total value of $18.34 million being liquidated. The largest single liquidation amount was $161,500.

Interestingly, despite the price surge, RAVE's open interest across the network has shown a sharp downward trend. At the time of writing, RAVE's open interest had dropped to 25,488,500 tokens (in coin terms), down 83% from its peak on April 11.