RAVE has surged 20-fold in the past three days, with the address of the "market maker" suspected of controlling the spot price and using contracts to profit from it.

CoinFeed reported on April 13th that, according to on-chain analyst Yu Jin, RAVE's price surged from $0.3 to $6.2 in the past three days, a 20-fold increase. It is suspected that a RAVE "market manipulator" address controlled the spot price and then used contracts to profit from it. Over the past three days, they first transferred 30.58 million RAVE (US$42 million) to Bitget to attract funds for short selling; then, in the past two days, they withdrew 31.94 million RAVE from Bitget back to the blockchain, simultaneously driving up the RAVE spot price on platforms like Bitget.