Blockchain Investigator Accuses RaveDAO of Knowing About Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a drastic collapse. The investigator cited suspicious activity on centralized cryptocurrency exchanges linked to RaveDAO team addresses, contradicting the team's recent statements. The allegations stem from a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO has denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply, the team must be aware of who is responsible. The investigator also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, considering the team's handling of the initial distribution. The RaveDAO token's price has stabilized around $0.67 after losing roughly $5.7 billion in market capitalization in 48 hours. ZachXBT emphasized that RAVE is not an isolated case of manipulation on major centralized exchanges, but rather the most blatant example.