Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token, which experienced an extraordinary 11,000% surge before plummeting. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses, contradicting the team's recent statements denying involvement. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before dropping by over 90% and losing approximately $5.7 billion in market value within 48 hours. The current price of the token is around $0.67. ZachXBT also highlighted a transfer of roughly $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, causing the price to drop by 40%. The investigator expressed skepticism about RaveDAO's claims of not being responsible for the price action, given the concentration of token supply and the team's handling of the initial distribution. The blockchain sleuth also noted that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token's case is the most blatant.