Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A blockchain investigator, ZachXBT, claimed on Sunday that RaveDAO's team is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% price increase, followed by a sharp decline. ZachXBT cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses, contradicting the team's recent statements. The investigator identified a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously stated that they were not engaged in or responsible for the recent price action. However, ZachXBT argued that given the concentrated supply, the team must be aware of who is responsible for the price manipulation. The investigator expressed skepticism about the organic growth of RAVE's market capitalization from $60 million to $6 billion in just nine days, especially considering the team's handling of the initial distribution. The RaveDAO token's price currently stands at around $0.67, after losing approximately $5.7 billion in market capitalization in 48 hours. ZachXBT also noted that RAVE is not the only token with suspected manipulation on major centralized exchanges, but it is the most blatant case.