A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a rapid collapse. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which appears to contradict the team's recent statements denying involvement in the price manipulation. The RaveDAO token's price rose from $0.25 to $27.33 in just nine days, only to plummet by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. The current price of the token is around $0.67.
ZachXBT also highlighted a transfer of roughly $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. The investigator expressed skepticism regarding RaveDAO's claims of innocence, stating that given the supply concentration, the team must be aware of who is responsible for the price action. Furthermore, ZachXBT emphasized that the manipulation of the RAVE token is not an isolated incident, but rather one of many cases of token manipulation on major centralized exchanges.