RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. The token in question experienced an extraordinary surge of 11,000% in value, only to crash shortly after. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements claiming no involvement in the price movements. The investigator highlighted a transfer of approximately $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, resulting in a 40% price drop. Despite RaveDAO's denial of any involvement in the price action, ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they are unaware of the party responsible for the manipulation. The token's price soared from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plummeting over 90% and losing around $5.7 billion in market capitalization within 48 hours. The current price hovers around $0.67. The investigator also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.