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. This claim comes after the token experienced an unprecedented 11,000% surge, only to plummet by over 90% shortly after. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which seems to contradict the team's recent statements denying any involvement in the price manipulation.
The RaveDAO team had stated that they were not engaged in, nor responsible for, the recent price action of their token. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team does not know who is responsible for the price manipulation. The token's price had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before dropping to around $0.67.
The investigator also expressed skepticism that the price movement was organic, given the token's low utility and the team's handling of the initial distribution. Furthermore, ZachXBT noted that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token's case is the most blatant.