RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A blockchain investigator, ZachXBT, claimed on Sunday that the team behind RaveDAO has knowledge of who manipulated the price of its token, which experienced an extraordinary 11,000% surge in value before rapidly collapsing. The investigator cited "suspicious" activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence. This activity contradicts the team's recent statements denying involvement in the token's price action. The RaveDAO team had stated that they were aware of rumors and accusations regarding the $RAVE token but were not engaged in or responsible for the recent price fluctuations. However, ZachXBT argued that given the concentration of token supply, the team must at least know who is responsible for the price manipulation. The investigator also pointed out a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, which caused the price to drop by 40%. The RaveDAO token had risen from about $0.25 to $27.33 in nine days, achieving a market capitalization of $6 billion, before plummeting over 90% and losing around $5.7 billion in market capitalization within 48 hours. Its current price is around $0.67. ZachXBT expressed skepticism that the price movement was organic, given the token's limited utility and the team's handling of the initial distribution with a low float. The investigator also stated that RAVE is not the only token with suspected manipulation on major centralized exchanges, but its case is the most blatant, and it is unlikely that the exchanges did not notice the significant price movements.