RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This allegation comes after the token's value skyrocketed by 11,000% in just nine days, only to plummet by over 90% and lose approximately $5.7 billion in market capitalization. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's statements denying involvement in the price manipulation. The investigator pointed to a transfer of roughly $23 million worth of tokens from a RAVE address used for initial distribution, which caused the price to drop 40%. RaveDAO had previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT argues that given the supply concentration, the team must at least know who is responsible. The investigator also expressed skepticism that the token's price could have increased so dramatically without any utility, and questioned how the centralized exchanges could have missed such significant price movements.