A prominent blockchain sleuth, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This claim comes after the token experienced an extraordinary 11,000% surge in value, only to plummet by over 90% shortly thereafter. The investigator cited suspicious activity on centralized cryptocurrency exchanges as evidence, which may contradict RaveDAO's recent statements denying involvement in the price fluctuations.
The token's market capitalization soared from $60 million to $6 billion in just nine days, only to drop to around $0.67 currently. ZachXBT pointed out that given the concentrated supply of the token, it is unlikely that the team is unaware of who is responsible for the drastic price movements.
The investigator also expressed skepticism regarding the organic nature of the token's price increase, given its limited 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.