• A wallet identified as 0xff6a withdrew 10 million RAVE, valued at approximately $6.56 million, from crypto exchange Bitget on Saturday, according to on-chain data flagged by Lookonchain.
• RaveDAO surged roughly over 84% over the past seven days, rebounding after reaching an all-time high of $0.7677 two months ago.
• RaveDAO is a Web3 entertainment network that combines blockchain technology with electronic music events.

A wallet identified as 0xff6a withdrew 10 million RAVE, worth about $6.56 million, from crypto exchange Bitget on Saturday, as the token rose roughly over 84% over the past week.

The transfer was reported by blockchain tracking service Lookonchain. Data from Arkham Intelligence showed that the wallet withdrew 10 million RAVE, the native token of RaveDAO, from Bitget. The wallet held about 135,560 RAVE tokens valued at approximately $88,000 at current prices.

The transfer occurred while RAVE traded sharply higher this week. The token climbed by over 84% over the past seven days. Two months ago, RAVE reached an all-time high of $0.7677 before declining in subsequent weeks. Despite that pullback, the recent rally brought renewed attention to the token.

RAVE (RaveDAO), which operates on the Ethereum (ETH) blockchain, was trading at $0.65, soaring by 21.4% over 24 hours. On Stockwits, the retail sentiment around RAVE remained in the ‘extremely bullish’ territory, as chatter levels around it remained ‘extremely high’ over the past day.

How 1990s Dance Culture Became A Crypto Movement 

RaveDAO is a Web3 entertainment protocol that connects electronic music events with blockchain infrastructure. The project used RaveDAO within a decentralized ecosystem designed for event organizers, artists, and attendees.

Rave positions itself as "physical remnants of industrial society," where "abandoned factories, warehouses, and peripheral spaces became temporary gathering points," on X. 

Rave culture placed a strong emphasis on "the temporary suspension of identity," where "participation mattered more than credentials," and social indicators like background, class, and income vanished on the dance floor. Its decentralized, permissionless nature was further reinforced by the dissemination of information through unofficial channels like "pirate radio, flyers, and word-of-mouth." 

Rave expressed an ethical desire to reorganize social participation outside inflexible labor structures and institutional authority through concepts such as "peace, love, unity, and respect."

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