Investigator Alleges RaveDAO Has Knowledge of Token Price Manipulation

A renowned blockchain sleuth, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. This accusation comes after the token experienced an unprecedented 11,000% surge, only to plummet shortly after. The investigator cited suspicious activity on centralized exchanges, specifically pointing to a transfer of approximately $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, but 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. The token's price had skyrocketed 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 investigator also expressed skepticism that major centralized exchanges did not detect the drastic price movements, suggesting that such manipulations are not isolated incidents.