A prominent blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual or entity responsible for the significant manipulation of its token's price. The token experienced an extraordinary surge of 11,000% in value, only to plummet shortly after. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which may contradict the team's recent public statements.
The investigator identified 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 previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT argues that given the concentrated supply, the team must know who is behind the manipulation.
The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing over 90% of its value in 48 hours. The investigator questions the likelihood of such a significant price movement occurring organically, given the token's limited utility and the team's handling of the initial distribution. ZachXBT also notes that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.