A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for the significant manipulation of its token's price. This claim comes after the token experienced an unprecedented 11,000% surge, only to plummet shortly after.
The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which may contradict the team's recent statements denying any involvement in the price fluctuations. RaveDAO had previously stated that they were not engaged in, nor responsible for, the recent price action of their token. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is unaware of who is behind the price manipulation. The token in question had risen from approximately $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing over 90% of its value in the subsequent 48 hours.
The investigator also expressed skepticism regarding the organic nature of the token's price increase, given its limited utility and the team's handling of the initial distribution. Furthermore, ZachXBT noted that this is not an isolated incident, suggesting that similar manipulation has been observed with other tokens on major centralized exchanges, with RAVE being one of the most egregious cases.