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 group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before plummeting. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement. ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. The RaveDAO team had previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT argued that given the supply concentration, the team must know who is responsible. The investigator also expressed skepticism about the token's organic growth, stating that it is unlikely the team does not know the party responsible for the price movement. The RaveDAO token's price currently hovers around $0.67, after losing roughly $5.7 billion in market capitalization in just 48 hours.