Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. This claim comes after the token experienced an unprecedented 11,000% surge, only to crash shortly after. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which seems to contradict the team's recent statements denying any involvement in the price manipulation. The RaveDAO team had posted a statement claiming they were not engaged in nor responsible for the recent price action, but ZachXBT argues that given the concentrated supply of the token, it is unlikely the team does not know who is behind the manipulation. The token's price had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting over 90% and losing approximately $5.7 billion in market value. The investigator also expressed skepticism that the price movement was organic, given the token's low utility and the team's handling of the initial distribution. Furthermore, ZachXBT noted that this is not an isolated incident, suggesting that token price manipulation is a more widespread issue on major centralized exchanges.