Investigator Claims RaveDAO Aware of Token Price Manipulation

A prominent blockchain sleuth, ZachXBT, has alleged that the RaveDAO team is aware of the individual or group responsible for manipulating the price of its token, which 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, contradicting the team's recent statements. RaveDAO had previously denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply, the team must be aware of who is responsible. The token's price skyrocketed from $0.25 to $27.33 in just nine days, before plummeting over 90% and losing $5.7 billion in market capitalization. The investigator also flagged a transfer of $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, causing the price to drop 40%. ZachXBT expressed skepticism that the price movement was organic, given the token's limited utility and the team's handling of the initial distribution.