A prominent 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. The token in question experienced an unprecedented 11,000% surge in value, only to collapse shortly after. ZachXBT pointed to suspicious activity on centralized crypto exchanges, which he believes contradicts recent statements made by RaveDAO.
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. RaveDAO has denied any involvement in the price manipulation, but ZachXBT remains skeptical, stating that given the concentrated supply of the token, it is unlikely that the team is not aware of who is responsible for the price action.
The RaveDAO token's market capitalization soared from $60 million to $6 billion in just nine days, only to lose around $5.7 billion in value over the subsequent 48 hours. The token's current price is approximately $0.67. ZachXBT also noted that RAVE is not the only token to have been manipulated on major centralized exchanges, but rather the most blatant example.