Blockchain Investigator Alleges RaveDAO Aware of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has accused the team behind RaveDAO of being aware of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a rapid collapse. The investigator pointed to suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying any involvement in the price movements. RaveDAO had previously stated that they were not responsible for the recent price action, but ZachXBT argues that given the concentrated supply of the token, the team must at least know who is responsible. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting by over 90% and losing $5.7 billion in market capitalization. The investigator also noted that this is not an isolated incident, stating that such manipulation has been seen on major centralized exchanges, with the RAVE token being the most blatant example.