A prominent blockchain sleuth, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. This manipulation led to an unprecedented 11,000% increase in value, followed by a sharp decline. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses as evidence.
The RaveDAO team had previously denied any involvement in or knowledge of the price manipulation, stating they were not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply of the token and the team's handling of the initial distribution, it is unlikely they do not know who is responsible for the price movements. The RaveDAO token had risen from approximately $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting over 90% to around $0.67.
The investigator also noted that this is not an isolated incident of token manipulation on major centralized exchanges, but rather one of the most blatant cases.