A renowned blockchain investigator, ZachXBT, has come forward with allegations 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 unprecedented 11,000% surge, only to collapse shortly thereafter. ZachXBT cited suspicious activity on centralized exchanges linked to RaveDAO team addresses as evidence, contradicting the team's recent statements denying involvement in the price manipulation.
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 has publicly denied any involvement in the price action, but ZachXBT remains skeptical, stating that given the concentrated supply, the team must be aware of who is responsible. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, before plummeting over 90% and losing around $5.7 billion in market capitalization.
The investigator also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.