Blockchain Investigator Accuses RaveDAO of Knowing About Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a drastic collapse. The investigator pointed to suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, stating that the team was not responsible for the recent price action. However, ZachXBT argued that given the concentrated supply, the team must be aware of who is responsible for the price manipulation. The investigator also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, considering the team's handling of the initial distribution with a low float. The RaveDAO token's price currently stands at around $0.67, after losing roughly $5.7 billion in market capitalization in 48 hours. The blockchain sleuth emphasized that RAVE is not the only token to have been manipulated on major centralized exchanges, but its case is the most blatant, and it is unlikely that the exchanges did not detect the massive price movements.