A prominent blockchain investigator, ZachXBT, has alleged that the RaveDAO team is aware of the individual or group responsible for the significant manipulation of its token's price. The token experienced an extraordinary 11,000% surge, followed by a drastic collapse. ZachXBT cited suspicious activity on centralized cryptocurrency exchanges tied to RaveDAO team addresses, which seems to contradict the team's recent statements.
The investigator discovered 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 denied any involvement in the price action, stating that the team was not engaged in or responsible for the recent price movements.
However, ZachXBT argued that given the concentrated supply, the team must be aware of who is responsible for the price manipulation. The investigator also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, considering the team's handling of the initial distribution with a low float. The RaveDAO token's price currently stands at around $0.67, after losing roughly $5.7 billion in market capitalization in 48 hours. The blockchain sleuth emphasized that RAVE is not the only token to experience manipulation on major centralized exchanges, but its case is the most blatant, and it is unlikely that the exchanges did not detect the significant price movements.