A prominent blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token, which experienced an extraordinary 11,000% surge followed by a rapid 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 action, 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 by over 90% and losing approximately $5.7 billion in market capitalization. The investigator also noted that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token case is the most blatant example.