Blockchain Investigator Alleges RaveDAO Has Knowledge of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token, which experienced an unprecedented 11,000% price surge before rapidly collapsing. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses, contradicting the team's recent statements. A transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses was also flagged, resulting in a 40% price drop. Despite RaveDAO's denial of involvement in the price manipulation, ZachXBT argues that the team must be aware of the responsible party due to the concentrated supply and their handling of the initial token distribution. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in nine days, only to plummet by over 90% and lose around $5.7 billion in market capitalization within 48 hours. The current price of the token is approximately $0.67. The investigator also expressed skepticism that major centralized exchanges were unaware of the drastic price movements, suggesting that such manipulation is not unique to RAVE.