RaveDAO Accused of Knowing Token Price Manipulator by Blockchain Investigator

A blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This accusation 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 linked to RaveDAO team addresses as evidence. The token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before dropping to around $0.67. ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, which led to a 40% price drop. The investigator expressed skepticism towards RaveDAO's claims of not being involved in the price manipulation, stating that given the concentrated supply, the team must be aware of who is responsible. The RaveDAO token's dramatic price movements have raised questions about the possibility of manipulation, with the investigator noting that it is unlikely the token's price increased organically in such a short period. The incident has sparked concerns about market manipulation on centralized exchanges, with the investigator suggesting that RAVE is not an isolated case.