Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A prominent blockchain sleuth, 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 claim comes after the token experienced an unprecedented 11,000% surge, only to plummet shortly after. ZachXBT cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which he believes contradicts 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 had previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT argues that given the concentrated supply, the team must at least be aware of who is 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 losing roughly $5.7 billion in just 48 hours. The current price hovers around $0.67. ZachXBT also expressed skepticism that the community would believe the price movement was organic, given the token's low utility and the team's handling of the initial distribution. Furthermore, the investigator noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is the most blatant, and it is unlikely that the exchanges did not detect the significant price movements.