RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token, which saw an unprecedented 11,000% increase in value before plummeting. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. The 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 $5.7 billion in market value. The investigator claims that given the concentrated supply of the token, it is unlikely the team does not know who is responsible for the price manipulation. The RaveDAO team has denied any involvement in the price action, but the investigator remains skeptical, pointing out that the token's price movement is highly unlikely to have occurred organically.