A prominent blockchain investigator, ZachXBT, has alleged 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 promptly collapsing. The investigator cited suspicious activity on a centralized crypto exchange on April 26, which may contradict RaveDAO's recent statements. ZachXBT identified a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO has denied any involvement in the recent price action, but the investigator believes that given the concentrated supply, the team must know who is responsible.
The RaveDAO token's price increased from $0.25 to $27.33 in nine days before losing over 90% of its value, with its current price hovering around $0.67. The investigator also noted that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, with the RAVE token being the most blatant example.