Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A prominent blockchain sleuth, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. The token in question experienced an unprecedented 11,000% surge, only to plummet shortly after. ZachXBT cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which he believes contradicts the team's recent statements denying involvement in the price manipulation. The investigator highlighted a specific transfer of roughly $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously stated that they were not engaged in, nor responsible for, the recent price action. However, ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely that they do not know who is responsible for the price manipulation. The RaveDAO token's price had 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 current price hovers around $0.67. The investigator also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.