A whale wallet has withdrawn 10 million RAVE tokens from Bitget, coinciding with an 88% weekly price surge for the cryptocurrency. On-chain data confirms the movement as trading volume increases, drawing heightened market attention to the token’s momentum.
A significant wallet, identified as 0xff6a, withdrew 10 million RAVE from the Bitget exchange. This activity was reported by Lookonchain and confirmed by Arkham Intelligence.
The native token of RaveDAO has surged 88% over the past week. It is currently trading at $0.6979, with a 24-hour trading volume increase of 12.26% to $79.25 million.
The token previously reached an all-time high of $0.7677 two months ago before declining. The recent rally has shifted market focus back to its performance.
RaveDAO operates on the Ethereum blockchain, focusing on connecting electronic music events with decentralized technology. The protocol describes its roots in electronic music culture and large-scale event spaces.
Lookonchain stated the whale transaction indicates large holders are impacting short-term price movements. This on-chain activity occurred during a period of increased trading volume for the asset.
Analysts noted the combination of strong weekly gains and whale activity has kept the protocol in focus among market participants. The wallet had previously withdrawn 135,560 RAVE, valued at approximately $88,000.
