RaveDAO ($RAVE), a popular DAO-governed decentralized finance (DeFi) platform, has witnessed a notable spike this weekend, irrespective of the wider market downturn. In this respect, the growing whale activity is significantly bolstering the surge of RaveDAO ($RAVE).
As per the data from Lookonchain, on Saturday, the whale address 0xff6a extracted 10M $RAVE tokens from Bitget. The respective transaction takes place at a point when the $RAVE token has already witnessed a staggering 80.9% rise over the week.
Whale Extracts 10M $RAVE as Token Undergoes Explosive Growth
As per the market analytics, the whale activity around RaveDAO ($RAVE) is showing noteworthy growth. Specifically, the whale, 0xff6a, has withdrawn nearly $6.56M in $RAVE tokens from Bitget. This withdrawal of $10M $RAVE tokens comes alongside the massive gains of $RAVE token over the week.
Thus, $RAVE’s price trajectory presents an 80.9% increase over the week. This signifies a robust momentum irrespective of the bearish momentum elsewhere in the market. At the moment, $RAVE is trading at $0.6581, within the $0.5489-$0.689 range. This presents increased trading interest and volatility.
Surging Investor Engagement Raises Potential of Further Highs
Additionally, the growing attention toward $RAVE has raised its market capitalization to $154.4M. Though the fully diluted valuation (FDV) of the project sits at $658M, the trading volume thereof has surpassed $63.87M, pointing toward the rising investor engagement. Along with that, while $RAVE’s circulating supply is 234.7M against a maximum and cumulative supply of 1B tokens, the liquidity profile thereof remains solid.
According to Lookonchain, the whale’s 10M $RAVE extraction signifies the impact of large token holders in advancing the provisional price action. When it comes to traders, the merger of strong 7-day gains, high volume, and broad-scale whale positioning turns $RAVE into a crucial token having the potential to soon hit substantial highs.
