A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individuals responsible for manipulating the price of its token. This claim comes after the token experienced an unprecedented 11,000% surge, followed by a drastic collapse. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which he believes contradicts the team's recent statements denying involvement in the price manipulation. The RaveDAO team had previously stated that they were not engaged in, nor responsible for, the recent price action of their token.
However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is not aware of who is responsible for the price action. The investigator also pointed out a transfer of roughly $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, which caused the price to drop by 40%. The RaveDAO token's price had increased from about $0.25 to $27.33 in just nine days, before plunging by over 90% and losing approximately $5.7 billion in market capitalization.
The current price of the token hovers around $0.67. ZachXBT also stated that RAVE is not the only token with suspected manipulation on major centralized exchanges, but it is the most blatant case. He further expressed doubt that the exchanges did not notice the massive price movements of the $RAVE token.