A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the identity of those responsible for the drastic manipulation of its token's price. The token in question experienced an unprecedented 11,000% surge, only to plummet shortly after.
ZachXBT cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which he believes contradicts the team's recent statements denying involvement in the price manipulation. The investigator highlighted a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop.
Despite RaveDAO's claims of not being engaged in or responsible for the recent price action, ZachXBT argues that given the concentrated supply, the team must be aware of who is responsible. He also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, especially considering the team's handling of the initial distribution. The RaveDAO token's price has since stabilized around $0.67, following a significant loss of over 90% of its value.
The investigator further noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.