RaveDAO Accused of Knowing Identity of Token Price Manipulator

A prominent blockchain sleuth, ZachXBT, has alleged that the RaveDAO team is aware of the individual responsible for manipulating the price of their token, which experienced an unprecedented 11,000% surge before plummeting. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which may contradict the team's recent statements denying involvement. The token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping by over 90% and losing $5.7 billion in market value within 48 hours. ZachXBT pointed out that given the concentrated supply, it is unlikely the team does not know who is responsible for the price action, and expressed skepticism about the token's organic growth, stating that it is improbable the team handled the initial distribution without knowing the party responsible. The investigator also noted that RAVE is not the only token with suspected manipulation on major centralized exchanges, but its case is the most blatant, and questioned how the exchanges could have missed the massive price movements.