Behind the Surge of RAVE and SIREN: Suspicions of Market Maker Manipulation
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Summary
BroadChain learned that at 22:16 on April 17, according to CryptoNews, two abnormal fluctuations recently occurred in the cryptocurrency market, raising questions about price manipulation. SIREN surged 32.97% within 24 hours to $0.927893, then consolidated around $0.62; RaveDAO (RAVE) achieved a 40x increase over five days, skyrocketing from $0.30 to $18. On-chain analyst Yu Jin pointed out that before the spot price pump, the RAVE team transferred 30.58 million RAVE (approximately $42 million) to Bitget, an action suspected to be aimed at trapping shorts before a short squeeze, ultimately triggering $37 million in liquidations.
BroadChain has learned that at 22:16 on April 17, according to CryptoNews, the cryptocurrency market recently experienced two abnormal fluctuations, raising concerns about price manipulation. SIREN surged 32.97% within 24 hours to $0.927893, then consolidated around $0.62; RaveDAO (RAVE) achieved a 40-fold increase in five days, skyrocketing from $0.30 to $18. On-chain analyst Yu Jin pointed out that before the spot price surge, the RAVE team transferred 30.58 million RAVE (approximately $42 million) to Bitget, a move suspected to be aimed at luring short positions before a short squeeze, ultimately triggering $37 million in liquidations, with $31 million being short positions. RAVE eventually reached an all-time high of $18.62, with a weekly increase of 3765%. Before SIREN surged 185% to $2.18 in a single trading session, a whale wallet had accumulated 93% of its supply. Although these movements may stem from thin liquidity and aggressive momentum trading, their price behavior has impacted the broader Altcoin market and highlighted how leverage can quickly amplify gains and risks. Currently, SIREN has found support at the key level of $0.60; if it breaks below, it could quickly fall back to the $0.40-$0.50 range. RAVE, on the other hand, continues to rise due to ongoing short squeeze effects. Meanwhile, market attention is shifting to early-stage projects, such as the ERC-20 meme token Maxi Doge (MAXI), whose presale has raised approximately $4.739 million, with a current price of $0.0002813 and offering dynamic APY staking.