Investigator Claims RaveDAO Aware of Token Price Manipulation

A prominent 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. This claim comes after the token experienced an unprecedented 11,000% surge, only to plummet by over 90% shortly after. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence. Despite RaveDAO's public statement denying any involvement in the price manipulation, ZachXBT argues that given the concentrated supply and the team's handling of initial distribution, it is unlikely they are unaware of the party responsible. The token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion before dropping to around $0.67. The investigator also expressed skepticism that major centralized exchanges were oblivious to the drastic price movements, suggesting a lack of oversight.