EIGHT GODS, ONE NIGHT'S RECKONING: THE EMOTIONAL MANIPULATION OF RAVE

Original Odaily Daily@OdailyChinaI'm not sure

Author Asher@Asher 0210I'm not sure

OVER THE PAST WEEK, THE ENCRYPTION MARKET HAS BEEN SWIPED BY ALMOST ONE NAME -- RAVEI don't know。

Whether social media, trade groups, or a replay of all kinds, attention, blame points, or even the export of emotions, almost all revolve around it. The reason for this is also simple: the movement of this currency is too “demon”。From US$ 0.22 all the way up to US$ 28, more than a week, more than a hundred times the increase; and just last weekend, the movement suddenly reversed, falling from high to close to US$ 1 in less than 24 hours, falling by almost 95 per cent and still falling。

RAVE, A WEEK, MORE THAN 100 TIMES MORE

THE RAVE TOKEN DROPPED ALMOST 95% A DAY

FROM A CONTINUOUS SURGE TO AN INSTANT COLLAPSE, THIS LEVEL OF TRANSITION IS NOT ONLY EXAGGERATED, IT IS EVEN MORE DIFFICULT TO INTERPRET “NORMAL BEHAVIOR”. AND THAT'S WHY RAVE QUICKLY EVOLVED FROM A SAMPLE OF QUIRKS TO THE FOCUS OF THE WHOLE MARKET。The Odaily Daily will make a complete reset of the entire process of RAVE, from surge to crash。

A week-long "pushing up."

IN MORE THAN A WEEK, RAVE'S PRICES WENT ALMOST UNILATERALLY, COMPLETING A 100-FOLD INCREASE. THIS RISE IS NOT A STEADY ADVANCE, BUT IS TAKING PLACE AT AN ACCELERATED RATE AND BREAKING EXPECTATIONS, MAKING IT ALMOST IMPOSSIBLE TO FIND A “REASONABLE EMPTY” POSITION。So, a familiar script started -- the more people want to be empty。

READING COMMUNITY AND MEDIA COMMENTARY DURING THIS WEEK'S RISE, THE VAST MAJORITY OF TRADERS ARE WAITING FOR A “TIME OF COLLAPSE”. THE HIGHER THE PRICE, THE GREATER THE CONFIDENCE OF THE EMPTY HEAD, THE MORE MANY SCOLDED, THE MORE EMPTY THEY ARE, THE MORE THEY TRY TO CAPTURE THE POINT THAT WILL COME. BUT THE REALITY IS THAT RAVE GIVES LITTLE OR NO DECENT RESONANCE, AND EVERY SEEMINGLY TOP-OF-THE-TOP SHOCK EVENTUALLY TURNS INTO A HIGHER ROUND OF PULL。EVEN ON APRIL 18TH, RAVE HAD A ONE-HOUR EXPLOSIVE HOLD EXCEEDING THE BTC。

The group began to have a high incidence of “blasted” screenshots. Some have chosen to build up, others have stopped and left, and others have allowed losses to roll in and out of the warehouse. Market sentiment has also evolved from its original “which can rise?” to “when will it stop?”

AS RAVE RISES, THE CONSTANT USE OF EMPTY USERS LEADS TO HUGE LOSSES. LOSS

At the same time, more subtle changes are taking place. As the price continues to rise, the price is higherTHE MARKET DISCUSSION BEGAN WITH A SHIFT FROM "WHERE TO EMPTY" TO "HOW TO CATCH THE NEXT RAVE."I don't know. Some reset the rhythm of each pull, others stare at the data and try to sum up the patterns, and others know that something is not right, but still cannot help participating. The whole market is being pushed deeper and deeper by a feeling that it neither believes nor wants to miss。

While the market is still immersed in this continuing hysteria, it is not only the market but also the market itselfTHE MARKET VALUE OF RAVE WAS CLOSE TO $7 BILLIONI don't know. Almost everyone knows that there will eventually be a moment of collapse, except that no one is certain when and how that will happen。

In the end, this turning point came not from the market itself, but from a public roll call from the chain detective ZachXBT。

After the ZachXBT roll call, investigations, responses coincided with the crash

On April 18th, the chain detective ZachXBT made a public roll call under the relevant tweets of the RAVEDAO team, which turned out to be a turning point in the whole event. That day at 15:26, he..Sending directly to RAVE, there was a clear market manipulation and an investigation by name of Binance, Bitget and GateAnd set up a $10,000 reward to collect inside leads. A few hours later, as community participants increased, the reward was quickly raised to $25,000。

ZachXBT Allegation & nbsp; RaveDO Team

The event quickly fermented. The first to respond was Bitget. At 19:18 (Beijing time), Bitget CEO Grace Chen said:"Thank you for pointing this out, we've started investigating into $rave.", confirm that the Platform has initiated relevant investigations。

Bitget's response to & nbsp; ZachXBT's allegation of RAVE token

Subsequently, a statement was also made by François. 22:08 (Beijing time), Joint CEO Richard Teng responded:“Thank you for reminding us this with us, we're looking into it

Binance's response to & nbsp; ZachXBT charge RAVE token

And the next day, at 00:19 (Beijing time), Gate also completed its response. Gate's chief business officer Kevin Lee says:“We have dealt with user protection at all times, and are currently reviewing transactions related to RAVE tokens and taking measures according to the circumstances.”

Gate response to & nbsp; ZachXBT charge RAVE token

AND AT THE SAME TIME AS THIS CHAIN OF RESPONSES BEGAN, THE PRICE OF RAVE BEGAN TO FALL. FROM THE INITIAL HIGH-LEVEL SHOCK TO THE CONTINUED PRICE JUMP, THERE WAS HARDLY ANY RESPONSE TIME TO THE MARKET — A COLLAPSE OF CONFIDENCE TRIGGERED BY PUBLIC ROLL-CALLS, WHICH WAS OCCURRING SIMULTANEOUSLY。

FROM 26 DOLLARS TO $1 IN LESS THAN 24 HOURS, RAVE DROPPED NEARLY 95%。This “demon coin”, which at one point approached the market value of $7 billion, was completely thrown back into shape in one night。More striking is the comparison given by ZachXBT: the market value of about $6 billion has been wiped out, but 24 hours of bursting amounting to only about $52 million, a highly asymmetric collapse that itself exacerbates the challenge of “misvaluation and price distortions”。

"Who's making money?": divided market sentiment

AS RAVE QUICKLY COLLAPSED IN THE SOUND OF THE INVESTIGATION, THE MARKET DID NOT MOVE TOWARDS A UNANIMOUS JUDGMENT, BUT RATHER TO A CLEAR DIVISION. IT WAS SEEN AS A CLASSIC “CONTROL HARVEST”, AND IT WAS ARGUED THAT IT WAS ONLY PART OF THE MARKET GAME, BUT THAT IT WAS MORE EXTREME。

In the view of some tradersRAVE IS NO LONGER A NORMAL MARKETI DON'T KNOW. "A CONTROL 99% OF THE MONEY, YOU'RE NOT TRADING, YOU'RE PARTICIPATING IN THE SCRIPT. THE PRICE DOES NOT COME OUT, IT IS DESIGNED IN THE ORDER OF THE BLAST CHAMBER." UNDER THIS NARRATIVE, SO-CALLED TRENDS, TECHNICAL ASPECTS AND EVEN THE LOGIC OF TRANSACTIONS HAVE LOST THEIR MEANING. - YOU SEE THE K LINE, THE HANDLER SEES WHO SHOULD EXPLODE. “THERE IS NO JUDGEMENT ON THIS PLATE. YOU THINK YOU'RE PLAYING AGAINST THE GAMBLING MARKET, BUT YOU'RE GIVING THE DEALER LIQUIDITY.”

But the other sound is equally strong. Some consider this to be the most typical black humor in the circle:It's a hundred times higher than that, but nobody asks。"IF YOU HAVE TO PROVE YOUR INNOCENCE, YOU HAVE TO FALL AND NO ONE IS RESPONSIBLE." IN THEIR VIEW, RAVE IS NOT AN EXCEPTIONAL CASE, BUT SIMPLY MAGNIFIES THE LONG-STANDING PROBLEMS OF THE MARKET — PROJECTS THAT HAVE FALLEN TO ZERO HAVE CAUSED EQUALLY LARGE LOSSES TO THE DISPERSED HOUSEHOLDS, AND ARE RARELY PURSUED AS SUCH。

There are also those who point to larger structural problems. "Didn't the encryption field be an unregulated casino long ago?" The so-called “values” have long been marginalized, from the dominant mobility of marketers to the closed loops of pull, bursting and exit, and attention and funding are the only pricing logic。IN SUCH AN ENVIRONMENT, RAVE IS NEITHER THE FIRST NOR THE LAST, BUT IN A MORE EXAGGERATING WAY, IT GIVES EVERYONE A FRESH LOOK AT THE RULE ITSELF。

Official response: denial of manipulation, emphasis on “long narrative”

While the exchange and the market were very volatile, RaveDAO responded officially in the first place. Its core approach is clear:Denying participation in price manipulation and cutting off recent sharp price fluctuations from team behaviorI don't know。

RaveDAO states that the team is not involved and is not responsible for recent currency performance, and emphasizes that it has always sought to build a cultural and user portal through offline activities with the long-term goal of bringing Web3 into the real world. In this formulation, price volatility is diluted into external market behaviour, while the team itself is placed in a more “builder” position。

At the same time, there was a degree of responsiveness on the part of project participants to issues related to tokens. It was suggested that, while it was true that in the future, parts of the currency had been unlocked for operational, recruitment, market expansion and other development expenditures at the right time, mechanisms, including price or performance trigger lockouts, would be explored to achieve long-term benefits binding on the community。

In its tone, the statement deliberately avoids short-term developments and pulls narratives back to “long-term construction” and “realization”. From “promoting the large-scale adoption of Web3” to “connecting the world through music and activities” to pledging to donate part of the profits for the public good, RaveDAO attempts to portray a project vision that goes beyond price volatility。

At the same time as this statement, which emphasizes “long-term construction” and “realization”, RaveDAO organized an underground event, “Dim Sum Ravé”, on the evening of April 18th, in the Changchang Building in Hong Kong。

RAVEDAO runs an offline announcement in Hong Kong

BUT IN THE ENCRYPTED WORLD, RAVE'S PRICES ARE FALLING IN SYNC, FALLING FROM THE TOP, ALMOST AT A STANDSTILL。On the one hand, underground activity is on schedule, and crowds continue to party in music; on the other hand, prices have fallen to zero in a short period of time and market sentiment has cooled. The two time lines intersected at the same night, creating an incoherent contrast。

AND THAT'S WHY THIS PRESENTATION, WHICH SAYS, "APRIL 18, COME HERE AND FINISH THE LAST DANCE," HAS AN ADDITIONAL DIMENSION IN THE EYES OF MANY MARKET PARTICIPANTS. AND THAT NIGHT, WHO ACTUALLY FINISHED THE LAST DANCE, MAYBE THE K LINE THAT'S LEFT ON THE CHART, IS GIVING DIFFERENT ANSWERS。