Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with allegations 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, including a transfer of $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, resulting in a 40% price drop. This discovery contradicts RaveDAO's recent statement denying any involvement in the price manipulation. The investigator argues that given the concentrated supply of the token, it is unlikely that the team is not aware of the party responsible for the price action. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, only to lose nearly 90% of its value in the following 48 hours, wiping out approximately $5.7 billion in market capitalization. The investigator also expressed skepticism about the token's organic growth, given its low utility and the team's handling of the initial distribution. Furthermore, the sleuth noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is particularly blatant, making it unlikely that the exchanges were unaware of the price movements.