Renowned blockchain investigator ZachXBT has come forward with claims that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. The token in question experienced an unprecedented 11,000% price increase, only to plummet shortly after.
ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. 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 had previously stated that they were not responsible for the recent price fluctuations, but ZachXBT argued that given the concentrated supply, the team must be aware of who is behind the price manipulation. The investigator expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, especially considering the team's involvement in the initial distribution.
The RaveDAO token's price currently stands at around $0.67, following a significant decline of over 90% after reaching a high of $27.33. ZachXBT also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.