A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. This claim comes after the token experienced an unprecedented 11,000% surge, only to plummet shortly after. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which appears to contradict the team's recent statements denying any involvement in the price manipulation.
The RaveDAO team had previously stated that they were not responsible for the recent price action, but ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they do not know who is responsible. The token's price had risen from approximately $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before dropping over 90% and losing around $5.7 billion in market capitalization within 48 hours. The investigator also expressed skepticism that major centralized exchanges did not detect the significant price movements, suggesting that such blatant manipulation should have been noticed.