A blockchain investigator, ZachXBT, has come forward with allegations that the RaveDAO team is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before plummeting. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price manipulation. The token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping over 90% and losing $5.7 billion in market value within 48 hours.
The current price hovers around $0.67. ZachXBT highlighted a transfer of $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, causing the price to drop 40%. The investigator expressed skepticism about RaveDAO's claims of unawareness, given the token's supply concentration and the team's handling of the initial distribution. The case has raised questions about the role of centralized exchanges in detecting and preventing such manipulations.