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 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 linked to RaveDAO team addresses, which appears to contradict the team's recent statements denying any involvement in the price manipulation. RaveDAO 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 manipulation. The investigator also highlighted a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. The RaveDAO token's price had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting by over 90% and losing around $5.7 billion in market capitalization within 48 hours.
The current price of the token is around $0.67. ZachXBT emphasized that this is not an isolated incident, stating that such manipulation has been seen on major centralized exchanges before, with the RAVE token being the most blatant example.