That’s the full meme cycle compressed into a few weeks 😬 $RAVE went from a 118x run in ~2 weeks to an ~89% wipeout in under a day.. that’s not just volatility, that’s a complete sentiment flip. the “investigation” narrative might have been the trigger, but moves like this usually expose what was already fragile underneath: thin liquidity, heavy leverage, and concentrated supply.

The derivatives side tells the story too, open interest collapsing and $43.7M in liquidations (right behind BTC and ETH) means a lot of traders were caught leaning the wrong way, probably overleveraged on the way up. once momentum cracked, it turned into a cascade, longs getting liquidated, price dropping further, more liquidations… classic unwind.
And that last line hits for a reason. plenty of tokens go to zero quietly, but when something runs this hard and then nukes this fast, it suddenly becomes a topic of “investigation.” end of the day, this wasn’t just a pump, it was a liquidity event. and like most of those… late entrants paid for it.