RaveDAO Accused of Being Aware of Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the identity of the individual or group responsible for the significant manipulation of its token's price. The token in question experienced an extraordinary 11,000% surge, only to crash shortly after. ZachXBT pointed to "suspicious" activity on centralized crypto exchanges as evidence, contradicting RaveDAO's claims of innocence. The investigator discovered that roughly $23 million worth of tokens were transferred from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. Despite RaveDAO's denials, ZachXBT asserts that given the concentrated supply, the team must be aware of who is responsible for the price action. The RaveDAO token had increased from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting over 90% and losing approximately $5.7 billion in market capitalization within 48 hours. The current price of the token is around $0.67. The investigator also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.