Investigator Claims RaveDAO Aware of Token Price Manipulation

A prominent blockchain sleuth, ZachXBT, has alleged that the team behind RaveDAO 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 crypto exchanges tied to RaveDAO team addresses, which seems to contradict the team's recent statements denying involvement in the price action. RaveDAO had stated that they are not engaged in, nor responsible for, the recent price fluctuations, but ZachXBT argues that given the concentrated supply, the team must know who is behind the manipulation. The token's price had risen from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping by over 90% and losing $5.7 billion in market capitalization. The investigator also highlighted a transfer of $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, causing the price to drop 40%. ZachXBT expressed skepticism about RaveDAO's claims of innocence, stating that it is unlikely the team does not know the party responsible for the price action, given their handling of the initial distribution with a low float. The investigator also noted that RAVE is not the only token with suspected manipulation on major centralized exchanges, but its case is the most blatant.