Investigator Accuses RaveDAO of Knowing About Token Price Manipulation

A prominent blockchain sleuth, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a sharp collapse. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which may contradict the team's recent statements. According to ZachXBT, 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 had previously denied any involvement in the price action, but ZachXBT argues that given the concentrated supply, the team must be aware of who is responsible. The token's price skyrocketed from $0.25 to $27.33 in just nine days, only to plummet by over 90% and lose around $5.7 billion in market capitalization. The investigator believes it is unlikely that the team is unaware of the party responsible for the manipulation, and that this is not an isolated incident of token price manipulation on major centralized exchanges.