Blockchain Investigator Accuses RaveDAO of Knowing About Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This claim comes after the token experienced an extraordinary 11,000% price surge, only to plummet shortly after. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence. In a series of posts, ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, which resulted in a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, stating that the team was not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is not aware of who is behind the manipulation. The investigator also expressed skepticism about the token's organic growth, given its low float and the team's handling of the initial distribution. The RaveDAO token's price currently stands at around $0.67, after losing nearly $5.7 billion in market capitalization in just 48 hours. ZachXBT also noted that this is not an isolated incident, suggesting that token price manipulation is a more widespread issue on major centralized exchanges.