RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. This assertion comes after RAVE experienced an unprecedented 11,000% surge, only to crash shortly after. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price manipulation. The investigator 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. RaveDAO has publicly denied any involvement in the price action, but ZachXBT remains skeptical, stating that given the concentrated supply, the team must be aware of who is responsible. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plummeting over 90% and losing around $5.7 billion in market capitalization within 48 hours. The current price hovers around $0.67. ZachXBT also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.