Bear market has no effect on this altcoin, which conitnues to soar in value.
While the majority of the crypto industry seems gripped in the bear market’s embrace, one viral altcoin is going parabolic in a way that isn’t witnessed all that often.
As CryptoPotato reported earlier, RAVE, the token behind the RaveDAO ecosystem, is up by more than 3500% in the past week. And this comes amid a raging crypto winter.
But how come? What’s so special about this altcoin that’s making it outperform everything else in the industry?
What is RAVE?
RAVE is the core utility and governance token of the RaveDAO ecosystem. It is designed to power a decentralized entertainment network, which is supposed to bridge Web3-based technology and real-world events.
The main function is to be the economic layer, which connects artists, organizers, communities, and participants, thus enabling a “culture-as-protocol” model.
The token comes with a number of utilities, such as governance, payments, and ecosystem incentives. Those who hold it can take part in the DAO governance, which can, in theory, influence decisions about event planning, partnerships, and fund allocation.
Moreover, the token is also used for transactions within the ecosystem, including ticketing, VIP access, and on-site payments at events.
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Today, RAVE exploded by more than 200%.
The altcoin has become the 43rd largest one, boasting a massive capitalization of over $2 billion. The move also happened on major volume of almos $600 million across multiple exchanges in the last 24 hours.
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