A prominent blockchain investigator, 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, which experienced an unprecedented 11,000% surge followed by a drastic collapse. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which may contradict the team's recent statements denying involvement in the price manipulation.
The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, only to plummet by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. The current price of the token is around $0.67. ZachXBT pointed out that given the concentrated supply of the token, it is unlikely that the team is unaware of the party responsible for the price action. The investigator also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in such a short period, considering the team's handling of the initial distribution with a low float.
Furthermore, ZachXBT noted that RAVE is not the only token with suspected manipulation on major centralized exchanges, but it is the most blatant case.