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 significant manipulation of its token's price. This comes after the token experienced an unprecedented 11,000% surge, only to plummet by over 90% shortly after. ZachXBT cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which he believes contradicts their public statements denying involvement in the price manipulation. The investigator highlighted a specific 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 stated that they were not engaged in or responsible for the recent price action, but ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they do not know who is responsible. The token's price currently stands at around $0.67, after reaching a high of $27.33 and then losing roughly $5.7 billion in market capitalization over 48 hours.
The blockchain sleuth also expressed skepticism that the price movement was organic, given the token's limited utility and the team's involvement in the initial distribution. Furthermore, ZachXBT noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is particularly blatant.