RaveDAO Accused of Being Aware of Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. The token in question experienced an unprecedented 11,000% price surge, only to crash shortly thereafter. ZachXBT cited "suspicious" activity on centralized cryptocurrency exchanges as evidence, contradicting RaveDAO's claims of innocence. The investigator discovered that roughly $23 million worth of tokens were transferred from a RAVE address to two Bitget deposit addresses, causing the token's price to drop by 40%. RaveDAO has denied any involvement in the price manipulation, but ZachXBT remains skeptical, stating that given the token's supply concentration, the team must be aware of who is responsible for the price action. The token's price skyrocketed from $0.25 to $27.33 in just nine days, before plummeting by over 90% and losing approximately $5.7 billion in market capitalization. The investigator has also suggested that this is not an isolated incident, implying that similar manipulation has occurred with other tokens on major centralized exchanges.