RAVE was moving quite a bit last week. It temporarily exceeded $2 and jumped about 85%, but now it has fallen to $1.26. It’s down about 13.36% in 24 hours, showing a significant reversal.

At that time, trading volume swelled to over $400 million, and the market was very active. Liquidations of short positions exceeded $10 million, so short sellers were quite affected. The token unlock approaching nearly 4.5 million tokens also contributed to large fluctuations during the price discovery phase.

But such corrections after sharp surges are not uncommon. Bitcoin’s price has been volatile recently, and altcoins tend to fluctuate even more. In the case of RAVE, with a circulating supply of over 230 million and a market cap of $290 million, it’s still behaving like a small-cap asset.

When narrative hype and speculative participation combine, it often results in rapid rises and falls. Market topics like music NFTs and payment features also helped drive interest in the project. However, for now, it seems to be in a correction phase.