A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the identity of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 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, which occurred on April 26, potentially contradicts recent statements made by RaveDAO.
In a separate finding, ZachXBT identified a transfer of roughly $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 price manipulation, stating that the team was not engaged in, nor responsible for, the recent price action. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is unaware of who is responsible for the price manipulation. The investigator also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, given the low float and the team's handling of the initial distribution.
The RaveDAO token's price currently stands at around $0.67, following a significant decline of over 90% from its peak. The blockchain sleuth also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but rather the most blatant example.