The RAVE token experienced a sharp collapse over the past 24 hours, losing more than 88% of its value in one of the most significant downturns in the crypto market recently.
According to data from HTX, the drop was accompanied by a wave of liquidations in derivatives markets, with total liquidated positions reaching approximately $43.71 million across trading platforms.
Liquidations were split between $22.84 million in long positions and $20.87 million in short positions, highlighting extreme volatility and a lack of clear market direction.
RAVE ranked as the third-largest liquidation event in the market during this period, trailing only Bitcoin and Ethereum, underscoring the scale of selling pressure on the asset.
The collapse reflects heightened risks in low-liquidity assets, particularly those heavily traded with leverage, making them vulnerable to rapid price swings amid sudden shifts in market sentiment.