RaveDAO Accused of Knowing Token Price Manipulator by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with claims 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 crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, only to lose nearly $5.7 billion in value over the next 48 hours. The investigator pointed out that given the token's supply concentration, it is unlikely the team does not know who is responsible for the price action. The team's handling of the initial distribution, with a low float, makes it improbable that they are unaware of the party responsible for the manipulation. The current price of the token hovers around $0.67. The blockchain sleuth also noted that RAVE is not the only token with suspected manipulation on major centralized exchanges, but its case is the most blatant.