Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token. This claim comes after the token experienced an unprecedented 11,000% surge in value, only to collapse shortly after. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses as evidence. In a series of posts, ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. Despite RaveDAO's denial of any involvement in the price manipulation, ZachXBT argues that the team must be aware of the responsible party due to the concentrated supply of tokens. The investigator also expressed skepticism regarding the organic nature of the token's price increase, given its limited utility and low float. The RaveDAO token's price currently stands at around $0.67, following a dramatic decline of over 90% from its peak. The blockchain sleuth emphasized that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.