$6B cap against $66M in app volume is a 91x disconnect that only pencils out if Kraken and Binance books are doing all the price discovery while the chain sits empty. Wallet 0x8b8 at $178M and a Binance deposit address as the largest visible holder maps directly onto RAVE's template — three wallets on 90% of float, 24% circulating, then down 95% in a week. FDV at $18.1B means every unlock cliff is a reflexive sell into whatever thin native liquidity remains after the CEX bid disappears.

Top comment by @Benthic