Investigator Alleges RaveDAO Has Knowledge of Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token. This assertion comes on the heels of an unprecedented 11,000% price increase, followed by a drastic collapse. The investigator discovered suspicious activity on centralized cryptocurrency exchanges tied to RaveDAO team addresses on April 26, which contradicts the team's recent statements. In a series of posts, ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously denied any involvement in the recent price fluctuations, stating that the team is not responsible for the price action. However, ZachXBT argues that given the concentrated supply, the team must be aware of who is behind the manipulation. The investigator also expressed skepticism about the organic growth of the token's market capitalization, which skyrocketed from $60 million to $6 billion in just nine days. The RaveDAO token's price currently stands at around $0.67, after losing nearly $5.7 billion in market capitalization in 48 hours. The sleuth emphasized that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.