Investigator Claims RaveDAO Has Knowledge of Token Price Manipulation

A blockchain investigator, ZachXBT, has alleged that the RaveDAO team is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% price surge before rapidly collapsing. The investigator cited suspicious activity on centralized cryptocurrency exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. A transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses was also flagged, resulting in a 40% price drop. RaveDAO has denied engaging in or being responsible for the recent price action, but ZachXBT argues that given the concentrated supply, the team must know who is behind the price manipulation. The RaveDAO token's price rose from $0.25 to $27.33 in nine days before plummeting over 90% and losing $5.7 billion in market capitalization. The investigator finds it unlikely that the significant price movements went unnoticed by major centralized exchanges.