A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individuals responsible for the significant manipulation of its token's price. The token in question experienced an unprecedented 11,000% surge, only to plummet shortly after.
ZachXBT's findings, which include suspicious activity on centralized exchanges tied to RaveDAO team addresses, cast doubt on the project's assertions of innocence. The investigator pointed to a specific 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 parties responsible. The token's price soared 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 believes that such drastic price movements could not have gone unnoticed by major centralized exchanges, suggesting a level of awareness or complicity.