A blockchain investigator, ZachXBT, has come forward with allegations that the RaveDAO team is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before plummeting. The investigator cited suspicious activity on centralized exchanges linked to RaveDAO team addresses, contradicting the team's recent statements denying involvement.
The token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping over 90% to $0.67. The investigator questioned the likelihood of such a massive price movement occurring organically, given the token's low utility and the team's handling of initial distribution. ZachXBT also suggested that the exchange itself should have noticed the unusual price movements, stating that it was unlikely they were unaware of the manipulation.