Investigator Claims RaveDAO Aware of Token Price Manipulation

A renowned blockchain sleuth, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This claim comes after the token experienced an extraordinary 11,000% surge in value, only to plummet shortly after. ZachXBT cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses as evidence. The investigator discovered that 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 denied any involvement in the price manipulation, stating that the team was not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is unaware of the party responsible for the manipulation. The RaveDAO token had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing over 90% of its value in 48 hours. The current price of the token is around $0.67. The investigator also noted that RAVE is not the only token to have been manipulated on major centralized exchanges, but its case is the most blatant. Furthermore, ZachXBT expressed doubts that the exchanges were unaware of the massive price movements, considering their usual vigilance.