RaveDAO Accused of Being Aware of Token Price Manipulation by Blockchain Investigator

A renowned blockchain investigator, 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. This accusation comes after the token experienced an unprecedented 11,000% price increase, followed by a sharp decline. ZachXBT cited suspicious activity on centralized cryptocurrency exchanges linked to RaveDAO team addresses, which raises questions about the team's recent statements denying involvement in the price manipulation. The investigator highlighted a specific transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT argues that given the concentrated supply, the team must know who is behind the manipulation. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting over 90% and losing around $5.7 billion in market capitalization within 48 hours. The current price of the token hovers around $0.67. ZachXBT also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is particularly blatant, and it is unlikely that the exchanges did not detect the significant price movements.