Investigator Claims RaveDAO Aware of Token Price Manipulation

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% surge, only to plummet shortly after. The sleuth cited suspicious activity on centralized exchanges, specifically highlighting a transfer of $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, which led to a 40% price drop. Despite RaveDAO's assertions that they are not engaged in or responsible for the recent price action, ZachXBT argues that given the concentrated supply, the team must be aware of who is behind the manipulation. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before crashing to $0.67. The investigator also expressed skepticism about the token's organic growth, given its low utility and the team's handling of the initial distribution. Furthermore, ZachXBT stated that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.