A blockchain sleuth 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 collapsing. The investigator, ZachXBT, cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price manipulation. The token's price skyrocketed from $0.25 to $27.33 in nine days, only to plummet by over 90% and lose $5.7 billion in market capitalization.
ZachXBT questioned the likelihood of such a drastic price movement occurring organically, given the team's handling of the initial distribution and the resulting low float. The investigator also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but rather the most blatant example.