A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for the drastic manipulation of its token price. The token in question saw an unprecedented 11,000% increase, only to plummet shortly after.
ZachXBT pointed to suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which he claims contradicts the team's recent statements denying any involvement in the price manipulation. The investigator highlighted a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they do not know who is responsible for the manipulation. The RaveDAO token had risen from around $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing over 90% of its value in 48 hours.
The current price of the token is approximately $0.67. ZachXBT also expressed skepticism that the price movement was organic, given the token's limited utility and the team's control over the initial distribution. Furthermore, the investigator noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is the most blatant, and it is highly unlikely that the exchanges did not detect the significant price movements.