A prominent blockchain sleuth, ZachXBT, has come forward with allegations that the RaveDAO team is aware of the individual or entity responsible for the significant manipulation of its token's price. This accusation comes after the token experienced an extraordinary 11,000% surge, only to plummet by over 90% shortly after.
The sleuth cited suspicious activity on centralized exchanges, specifically highlighting a transfer of approximately $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, which led to a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, stating that they were not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely that they are unaware of the party responsible for the manipulation. The token's price had skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing approximately $5.7 billion in value over the subsequent 48 hours.
The investigator also expressed skepticism that major centralized exchanges did not detect the drastic price movements, suggesting that such occurrences are not isolated to RAVE.