A blockchain investigator has accused the team behind RaveDAO of being aware of the entity responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before plummeting. 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 movement. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping over 90% in 48 hours.
The investigator highlighted a transfer of $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, causing the price to drop 40%. RaveDAO has stated it is not responsible for the recent price action, but the investigator argues that given the supply concentration, the team must be aware of who is responsible.
The investigator has also questioned the likelihood of the token's price movement being organic, given its low utility and the team's handling of the initial distribution.