A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the identity of those responsible for the drastic manipulation of its token's price, which experienced an unprecedented 11,000% surge before rapidly collapsing. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence, contradicting the team's recent statements. RaveDAO had posted a statement denying any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply of the token, the team must have knowledge of who is behind the price action. The RAVE token had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing over 90% of its value in 48 hours.
The investigator also expressed skepticism about the token's organic growth, given its low utility and the team's handling of the initial distribution. Furthermore, ZachXBT noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.