RaveDAO Accused of Knowing Token Price Manipulator

A prominent blockchain sleuth, ZachXBT, has alleged 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 crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. RaveDAO had previously denied any involvement in the price action, but ZachXBT argues that given the concentrated supply, the team must know who is responsible. The token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping over 90% to around $0.67. The sleuth also noted that this is not an isolated incident, suggesting that similar manipulation has occurred with other tokens on major centralized exchanges.