The bear market has no effect on this altcoin, which continues to soar in value.
While much of the crypto industry appears to be in the grip of a bear market, one viral altcoin is going parabolic in a way that is not often witnessed.
As CryptoPotato previously reported, RAVE, the token behind the RaveDAO ecosystem, has risen over 3500% in the past week. And this comes in the middle of a crypto winter.
But why? What is so special about this altcoin that it outperforms other coins in the industry?
What is a rave?
RAVE is the core utility and governance token of the RaveDAO ecosystem. It is designed to power a decentralized entertainment network that bridges Web3-based technologies and real-world events.
The main feature is an economic layer that connects artists, organizers, communities, and participants, thereby enabling the “culture as protocol” model.
This token comes with many utilities such as governance, payments, and ecosystem incentives. Those who hold it can participate in the governance of the DAO and, in theory, be able to influence decisions regarding event planning, partnerships, and funding allocation.
Additionally, this token will also be used for transactions within the ecosystem, such as ticketing, VIP access, and on-site payments at events.
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Today, RAVE has exploded by more than 200%.
The altcoin has become the 43rd largest coin, boasting a huge capitalization of over $2 billion. The move was also followed by a large trade of approximately $600 million across multiple exchanges in the past 24 hours.
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