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

A prominent blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a rapid collapse. The investigator pointed to suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. RaveDAO had posted a statement denying any involvement in the price manipulation, but ZachXBT argued that given the concentrated supply, the team must be aware of who is responsible. The token's price had risen from $0.25 to $27.33 in nine days, before plummeting by over 90% and losing $5.7 billion in market capitalization. The investigator also suggested that this was not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token case is the most blatant.