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

A blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for the significant manipulation of its token's price. This accusation comes after the token experienced an unprecedented 11,000% surge, followed by a drastic collapse. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence. This activity includes a transfer of approximately $23 million worth of tokens to two Bitget deposit addresses, which resulted in a 40% price drop. RaveDAO has publicly denied any involvement in the price manipulation, stating they are 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 they do not know who is behind the price manipulation. The token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plummeting over 90% and losing around $5.7 billion in market capitalization within 48 hours. The investigator also expressed skepticism about the organic nature of the token's price increase and questioned the plausibility of major centralized exchanges not detecting the significant price movements.