Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

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. The token experienced an unprecedented 11,000% price increase, followed by a sharp decline. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. The investigator flagged a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, but ZachXBT argued that given the concentrated supply, the team must be aware of the party responsible. The token's price surged from $0.25 to $27.33 in nine days, before plummeting by over 90% and losing around $5.7 billion in market capitalization. The investigator questioned the likelihood of such a significant price movement occurring organically, given the token's limited utility and the team's handling of the initial distribution. ZachXBT also noted that RAVE is not the only token to have been manipulated on major centralized exchanges, but its case is the most blatant.