Blockchain Investigator Alleges RaveDAOAwareness of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has come forward with claims that the RaveDAO team is aware of the individual or group responsible for manipulating the price of its token, which experienced an extraordinary 11,000% increase in value before plummeting. The investigator cited "suspicious" activity on centralized crypto exchanges tied to RaveDAO team addresses, which may contradict the team's recent statements denying involvement in the price movement. The RaveDAO token's market capitalization skyrocketed from $60 million to $6 billion in just nine days, only to drop by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. The token's current price is around $0.67. ZachXBT pointed out the unlikelihood of such a drastic price shift occurring organically, given the token's low float and the team's handling of initial distribution. The investigator 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. RaveDAO has publicly denied any involvement in the price manipulation, but ZachXBT remains skeptical, stating that the team must be aware of the party responsible for the price action due to the token's supply concentration.