RaveDAO Accused of Being Aware of Token Price Manipulation by Blockchain Investigator

A blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before plummeting. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which contradicts the team's recent statements denying involvement in the price manipulation. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before dropping by over 90% and losing $5.7 billion in market capitalization. The investigator also pointed out a transfer of $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, causing the price to drop 40%. RaveDAO has denied any involvement in the price manipulation, but the investigator remains skeptical, stating that given the supply concentration, the team must be aware of who is responsible for the price action. The investigator also expressed doubt that the price movement was organic, given the token's low utility and the team's handling of the initial distribution.