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

A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for the significant manipulation of its token's price. This assertion comes after the token experienced an extraordinary surge of 11,000% in value, only to crash shortly thereafter. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses as evidence. This activity, observed on April 26, may contradict recent statements made by RaveDAO. In one instance, a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses led to a 40% price drop. RaveDAO has publicly denied any involvement in the price manipulation, stating they are not responsible for the recent price action of their token. However, ZachXBT argues that given the concentrated supply of the token and the team's handling of the initial distribution, it is unlikely they do not know who is behind the price movements. The RaveDAO token's price skyrocketed from about $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion from $60 million, before plunging over 90% and losing around $5.7 billion in market capitalization within 48 hours. The current price of the token is approximately $0.67. The investigator also noted that while RAVE is the most blatant example, token manipulation is not uncommon on major centralized exchanges, suggesting it is improbable that these exchanges were unaware of the significant price movements.