RaveDAO Accused of Knowing Token Price Manipulator by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward alleging that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. The token in question experienced an unprecedented 11,000% surge, only to plummet shortly after. ZachXBT pointed to "suspicious" activity on centralized exchanges linked to RaveDAO team addresses, contradicting the team's claims of innocence. The investigator highlighted a transfer of approximately $23 million worth of tokens from a RAVE 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, the team must be aware of who is behind the price action. The RaveDAO token's market capitalization soared from $60 million to $6 billion in just nine days, only to lose around $5.7 billion in value over the subsequent 48 hours. The current price of the token is approximately $0.67. ZachXBT also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.