Blockchain Investigator Alleges RaveDAO Aware of Token Price Manipulation

A prominent on-chain investigator, ZachXBT, has accused the team behind RaveDAO of being aware of the individual or entity responsible for manipulating the price of its token, which underwent an unprecedented 11,000% increase before plummeting. The investigator cited suspicious activity on centralized exchanges linked to RaveDAO team addresses, contradicting the team's recent claims of not being involved in the price movements. The RAVE token's market capitalization skyrocketed from $60 million to $6 billion in just nine days, only to drop back down, with the investigator highlighting the unlikelihood of such a drastic change occurring organically. ZachXBT also pointed out a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. The RaveDAO team has denied any involvement in the price manipulation, but the investigator remains skeptical, stating that given the concentrated supply, the team must be aware of who is responsible for the price action. The investigator further expressed doubt that the community would believe the token's price increase was organic, given the low float and the team's handling of the initial distribution. The RAVE token's price currently stands at around $0.67, following the significant fluctuations.