RaveDAO Accused of Knowing Token Price Manipulator 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 significant manipulation of its token's price. This assertion is based on the investigator's findings of suspicious activity linked to centralized cryptocurrency exchanges, which seem to contradict recent statements made by RaveDAO. The RAVE token experienced an extraordinary surge of approximately 11,000% in a short span, only to crash immediately afterward. The investigator highlighted a specific transfer of roughly $23 million worth of tokens from a RAVE address used for initial distribution by RaveDAO to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO has publicly denied any involvement in the price manipulation, stating they are not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply and the team's handling of the initial token distribution, it is unlikely they do not know who is responsible for the price movements. 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, especially considering the token's limited utility. The RaveDAO token's price currently stands at around $0.67, after losing nearly $5.7 billion in market capitalization over 48 hours. The blockchain sleuth further emphasized that such blatant manipulation is not unique to RAVE and has been observed with other tokens on major centralized exchanges, questioning how these exchanges could have missed such significant price movements.