Blockchain Investigator Alleges RaveDAO Aware of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the identity of those responsible for the drastic manipulation of its token's price. This revelation comes after the token experienced an unprecedented 11,000% surge, only to collapse shortly after. ZachXBT cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses, which he believes contradicts the team's recent public statements. The investigator highlighted a specific transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they are unaware of the party responsible. The token's price had risen from about $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plunging over 90% and losing around $5.7 billion in market capitalization within 48 hours. The current price hovers around $0.67. ZachXBT also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.