Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a rapid collapse. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses as evidence. This activity, which occurred on April 26, may contradict recent statements made by RaveDAO. In a separate finding, ZachXBT identified a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution by RaveDAO to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO has publicly denied any involvement in the price manipulation, stating that the team is not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is unaware of who is responsible for the price manipulation. The investigator also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, given its limited utility. The RaveDAO token's price has currently stabilized around $0.67 after losing nearly $5.7 billion in market capitalization in 48 hours. The blockchain sleuth noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is particularly blatant.