Analysis: Wildly Popular Meme Coin RAVE Experiences “Whale” Manipulation to Control Spot Price Through Contract Sniping, Surging Over 20x in Value in the Past 5 Days

BlockBeats News, April 13th, according to HTX market information, the "skyrocketing" meme coin RAVE surged above $6.48, with a gain of over 20 times in the past 5 days, and is now retracing to $5.7, with a 24-hour surge of over 170%.

According to EmberCN monitoring, the RAVE "whale" manipulated the spot price to subsequently exploit contracts and recently used on-chain activity to "confuse" users: over the past 3 days, they first transferred 30.58 million RAVE to Bitget, worth $42 million, to attract short positions. Then, over the past 2 days, they withdrew 31.94 million RAVE from Bitget to on-chain wallets while aggressively pumping the RAVE spot price on platforms like Bitget.