Dissecting RAVE's Market Manipulation Techniques

Author: Psyduck Fomo (Psyduck); Source: X, @psyduck_fo

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Coin Distribution: 96% of the coins are locked in 6 multi-signature wallets, with one address holding 77%. Retail investors' holdings combined are less than 0.1%. Bitget is the main battlefield for spot trading, with 88% of exchange spot trading on Bitget.

Contract Distribution: Contract open interest has exceeded all available spot trading on exchanges, with an OI/spot ratio of 102.9%. Short sellers simply don't have enough contracts to cover their positions, a classic short squeeze deadlock.

Contract holdings: Contract open interest has exceeded all available spot trading on exchanges, with an OI/spot ratio of 102.9%. Short sellers simply don't have enough contracts to cover their positions, a classic short squeeze deadlock.

Contract holdings have exceeded all available spot trading on exchanges, with an OI/spot ratio of 102.9%.

I. Distribution of Spot Tokens

Key Findings: 6 Gnosis Safe multisignature wallets control 96.36% of the supply. Among them, address #1 alone accounts for 76.94%, making it the absolute controlling address.

1.1 Team/Contract Wallet (96.41%, 11 addresses)

1.3 Personal Wallet EOA (0.06%, 54 addresses in total)

Key Findings:Retail holdings are almost negligible (total less than 600,000 RAVE). Arthur Hayes holds only 6,250 RAVE, and Amber Group market makers hold only 80,000 RAVE.

II. Contract OI (Open Interest) Distribution

Contract OI ($294 million) has exceeded the total spot market value ($294 million), with an OI/spot ratio of 102.9%. Short sellers do not have enough spot market value to cover their positions—a classic short squeeze. OKX alone accounts for 64.7% of the OI, making it the biggest potential point for a chain reaction of liquidation risks in the entire market.

2.1 OI summary of all exchanges

3.1 24-Hour Liquidation Overview

3.2 Liquidation Ranking by Exchange (24h)

3.3 Key Findings: Binance's Risk Control is Significant

Binance holds 22.3% of OI, but contributes only 8.32% of liquidations (liquidation/OI ratio: 0.37x).

IV. Determining the Main Battlefield

For spot trading, look at Bitget (88.3% CEX spot), for contracts, look at OKX (64.7% OI), for liquidation, look at Bybit + Gate.io (52.9% liquidation), and for risk control, look at Binance (0.37x lowest liquidation ratio).

V. List of Closing Signals for Monitoring

Current Status: The major shareholders have not yet sold off their holdings, and the short squeeze continues. However, 96% of the chips are held by 6 different shareholders, meaning the major shareholders can pump or dump the price at any time. The following are the closing signals that require close monitoring.