RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has alleged that the RaveDAO team is aware of the individual or entity responsible for manipulating the price of its token, which saw an unprecedented 11,000% increase in value before plummeting. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price movement. The token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before dropping by over 90% to around $0.67. ZachXBT pointed to a transfer of $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, causing the price to drop 40%. The investigator expressed skepticism about RaveDAO's claims of not being responsible for the price action, given the team's handling of the initial token distribution and the concentration of supply. The incident has raised questions about the lack of utility and the unusual price movement, with the investigator stating that it is unlikely the team does not know who is responsible for the manipulation.