A blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token, which experienced an extraordinary 11,000% surge before collapsing. The investigator cited 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 aware of the rumors but not responsible for the recent price action. However, ZachXBT argued that given the concentrated supply of the token, it is unlikely that the team does not know who is responsible for the price action.
The RaveDAO token had increased from $0.25 to $27.33 in nine days before plummeting by over 90%, resulting in a loss of roughly $5.7 billion in market capitalization. The investigator also pointed out that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token case is the most blatant.