Investigator Alleges 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 identity of those responsible for manipulating the price of its token. This claim comes after the token experienced an unprecedented 11,000% surge in value, followed by a sharp collapse. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence. The investigator highlighted a transfer of approximately $23 million worth of tokens from a RAVE address 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 token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plummeting over 90% to around $0.67. The investigator also expressed skepticism about the organic nature of the token's price movement, given its low utility and the team's handling of the initial distribution.