Blockchain Investigator Alleges RaveDAO Has Knowledge of Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a sharp decline. The investigator pointed to suspicious activity on centralized cryptocurrency exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. According to ZachXBT, a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses led to a 40% price drop. Despite RaveDAO's denial of involvement in the price manipulation, ZachXBT argues that the team must be aware of the responsible party due to the token's supply concentration. The investigator also expressed skepticism about the token's organic growth, stating that it is unlikely the team is unaware of the party responsible for the drastic price movements. The RaveDAO token's price currently stands at around $0.67, after increasing by nearly 11,000% in nine days and then plummeting by over 90%. The blockchain sleuth believes that this is not an isolated incident, suggesting that similar manipulation has occurred with other tokens on major centralized exchanges, but the RAVE token's case is the most blatant.