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, which experienced an unprecedented 11,000% surge before rapidly collapsing. The investigator pointed to suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. RaveDAO had previously denied any involvement in the price manipulation, stating that they were not responsible for the recent price action. However, ZachXBT argued that given the concentrated supply of the token, it is unlikely that the team is not aware of who is responsible for the price manipulation.
The token in question had risen from $0.25 to $27.33 in just nine days, before losing over 90% of its value in 48 hours, resulting in a loss of approximately $5.7 billion in market capitalization. The investigator also noted that RAVE is not the only token to have been manipulated on major centralized exchanges, but rather the most blatant example.