A blockchain investigator, ZachXBT, has come forward with claims that the RaveDAO team is aware of who manipulated the price of its token, which experienced an unprecedented 11,000% surge before plummeting. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which contradicts the team's recent statements denying involvement. The token's price skyrocketed from $60 million to $6 billion in market capitalization and back down again, with the investigator pointing out that given the supply concentration, the team must know who is responsible for the price action.
The RaveDAO team has denied any involvement, but the investigator remains skeptical, stating that it is unlikely the team does not know the party responsible for the manipulation. The token's price currently stands at around $0.67, after losing roughly $5.7 billion in market capitalization in just 48 hours.