A prominent blockchain investigator, ZachXBT, has alleged that the RaveDAO team is aware of the individual or group responsible for manipulating the price of its token, which experienced a staggering 11,000% surge before plummeting. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement. The token's price skyrocketed from $0.25 to $27.33 in just nine days, only to drop by over 90% and lose approximately $5.7 billion in market capitalization. The sleuth pointed out that given the concentrated supply and the team's handling of initial distribution, it is unlikely they do not know who is responsible for the price action.
The investigator also expressed skepticism about the token's organic growth, stating that it is improbable for a token to reach a $6 billion market capitalization in just nine days without any significant utility. The RaveDAO team has denied any involvement in the price manipulation, but the investigator remains unconvinced, suggesting that the team's claims are implausible.