A blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token, which experienced an extraordinary 11,000% surge before plummeting back down. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which contradicts the project's recent statements denying involvement in the price manipulation.
The RaveDAO token had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing over 90% of its value in 48 hours. The investigator pointed out that given the concentrated supply of the token, it is unlikely that the team is unaware of who is responsible for the price action. The case highlights concerns over market manipulation in the cryptocurrency space, with the investigator noting that RAVE is not the only token to have been manipulated on major centralized exchanges, but rather the most blatant example.