Investigator Alleges RaveDAO Has Knowledge of Token Price Manipulation

A blockchain sleuth, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This claim comes after the token saw an unprecedented 11,000% increase in value, followed by a sharp decline. The investigator cited suspicious activity on centralized exchanges, specifically highlighting a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, which led to a 40% price drop. RaveDAO has denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is not aware of who is responsible. The investigator also expressed skepticism about the organic nature of the token's price surge, given its low float and lack of utility. The RaveDAO token's price currently stands at around $0.67, after losing nearly $5.7 billion in market capitalization in just 48 hours. The investigator believes that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token's case is the most blatant.