Blockchain Investigator Alleges RaveDAO Knew About Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the RaveDAO team 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% surge, only to plummet by over 90% shortly after. The investigator cited suspicious activity on centralized exchanges as evidence, which seemingly contradicts RaveDAO's recent statements denying any involvement in the price manipulation. 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. The investigator expressed skepticism about RaveDAO's claims of innocence, given the concentrated supply and the team's handling of the initial token distribution. Furthermore, the sleuth highlighted that this is not an isolated incident, suggesting that similar manipulation has occurred with other tokens on major centralized exchanges, albeit less blatantly.