A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the identity of those responsible for the drastic manipulation of its token's price. This claim follows an extraordinary 11,000% surge in the token's value, which was promptly followed by a sharp decline. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence, which seems to contradict the team's recent statements denying any involvement in the price manipulation.
RaveDAO had issued a statement on social media, asserting that they were not engaged in or responsible for the recent price fluctuations. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team does not know who is behind the manipulation. The token's price had risen from approximately $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting over 90% to around $0.67. The investigator also expressed skepticism about the organic nature of the token's price increase, given its low utility and the team's handling of the initial distribution.
Furthermore, ZachXBT noted that this is not an isolated incident of manipulation on major centralized exchanges, but rather the most blatant example.