A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for the drastic manipulation of its token's price. This claim comes after the token experienced an unprecedented 11,000% surge, only to collapse shortly after.
ZachXBT cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price action. The investigator uncovered 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.
RaveDAO had previously stated that they were not engaged in or responsible for the recent price fluctuations, but ZachXBT argues that given the concentrated supply, the team must have knowledge of who is behind the manipulation. The token's price had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing over 90% of its value in 48 hours. The investigator also expressed skepticism about the organic nature of the token's price movement, given its low float and the team's handling of the initial distribution.
Furthermore, ZachXBT noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.