Blockchain Investigator Accuses RaveDAO of Being Aware 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 group responsible for the drastic manipulation of its token's price, which experienced an unprecedented 11,000% surge before plummeting. The investigator pointed to suspicious activity on centralized cryptocurrency exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price movement. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, only to crash by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. The current price hovers around $0.67. ZachXBT highlighted a transfer of roughly $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, causing the price to drop 40%. The investigator expressed skepticism towards RaveDAO's claims of innocence, stating that given the concentrated supply, the team must be aware of who is responsible for the price manipulation. The incident has raised questions about the lack of utility and the unlikely organic growth of the token's market capitalization. The investigator also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is the most blatant.