RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or entity responsible for the drastic manipulation of its token's price. The token in question experienced an unprecedented 11,000% surge, only to collapse shortly after. ZachXBT pointed to suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's public statements. The investigator highlighted a specific transfer of $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. Despite RaveDAO's denial of involvement in the price manipulation, ZachXBT argues that the team must be aware of the responsible party due to the token's highly concentrated supply. The investigator also expressed skepticism about the organic nature of the token's price increase, given its low utility and the team's handling of the initial distribution. The RaveDAO token's price currently stands at around $0.67, following a significant loss of over 90% of its value. ZachXBT emphasized that this is not an isolated incident, suggesting that similar manipulations have occurred on major centralized exchanges, with the RAVE token case being particularly blatant.