Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. This claim comes after the token experienced an unprecedented 11,000% increase in value, only to plummet shortly after. ZachXBT cited questionable activity on centralized crypto exchanges as evidence, which he believes contradicts RaveDAO's recent statements denying any involvement in the price manipulation. The investigator highlighted a specific transaction where approximately $23 million worth of tokens were transferred from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously posted a statement on X, asserting that the team was not engaged in or responsible for the recent price fluctuations. However, ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they are unaware of the party responsible for the manipulation. The RaveDAO token's price had skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before crashing to around $0.67 and losing approximately $5.7 billion in market capitalization within 48 hours. The investigator also expressed skepticism that such drastic price movements could have gone unnoticed by major centralized exchanges, suggesting that this is not an isolated incident of manipulation.