RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain sleuth, ZachXBT, has come forward with allegations that the RaveDAO team is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before rapidly collapsing. The investigator discovered suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's recent claims of innocence. This activity includes a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO has denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply, the team must be aware of who is responsible. The RAVE token's price skyrocketed from $0.25 to $27.33 in just nine days, only to plummet by over 90% and lose around $5.7 billion in market capitalization within 48 hours. The current price hovers around $0.67. The blockchain sleuth also expressed skepticism that major centralized exchanges did not detect the massive price movements, suggesting that RAVE is not an isolated case of token manipulation.