A renowned blockchain sleuth, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. This claim comes after the token experienced an unprecedented 11,000% price increase, followed by a sharp decline. The sleuth cited suspicious activity on centralized cryptocurrency exchanges tied to RaveDAO team addresses as evidence.
Specifically, a transfer of approximately $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses was flagged, resulting in a 40% price drop. Despite RaveDAO's assertions that they are not involved in or responsible for the recent price fluctuations, ZachXBT argues that the team must be aware of the party responsible due to the concentrated supply.
The investigator expressed skepticism regarding the organic nature of the token's price surge, from $60 million to $6 billion in market capitalization, given the low float and the team's handling of initial distribution. The RaveDAO token's price has since plummeted, losing around $5.7 billion in market capitalization.
The sleuth also noted that this is not an isolated incident, suggesting that similar manipulation has occurred with other tokens on major centralized exchanges, and it is unlikely that these exchanges were unaware of the significant price movements.