A prominent blockchain investigator, ZachXBT, has made allegations 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 exchanges tied to RaveDAO team addresses, which may contradict the team's recent statements denying involvement in the price movements. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping by over 90% and losing approximately $5.7 billion in market capitalization within 48 hours. The investigator has questioned the likelihood of such drastic price fluctuations occurring organically, given the token's low utility and the team's handling of the initial distribution.
The team has denied any involvement in the price movements, but the investigator remains skeptical, suggesting that it is unlikely the team does not know who is responsible for the manipulation.