Blockchain Investigator Alleges RaveDAO Has Knowledge of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This assertion is based on an investigation into on-chain activity, which revealed suspicious transactions tied to RaveDAO team addresses. The token in question experienced an unprecedented 11,000% price increase, followed by a sharp decline. The investigator cited a transfer of approximately $23 million worth of tokens to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO has publicly denied any involvement in the price manipulation, but the investigator argues that given the concentrated supply and the team's handling of initial distribution, it is unlikely they do not know who is responsible. The token's price skyrocketed from $0.25 to $27.33 in nine days, only to plummet by over 90% and lose around $5.7 billion in market capitalization within 48 hours. The current price of the token is approximately $0.67. The investigator also suggested that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token case is particularly blatant.