Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A prominent 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. This claim comes after the token experienced an unprecedented 11,000% surge in value, only to collapse shortly thereafter. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses as evidence. A transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses was also flagged, resulting in a 40% price drop. RaveDAO has previously denied any involvement in the price manipulation, stating that the team is not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is unaware of who is behind the manipulation. The investigator also expressed skepticism regarding the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, given the token's limited utility and the team's handling of the initial distribution. The RaveDAO token's price currently sits at around $0.67, after losing roughly $5.7 billion in market capitalization in 48 hours. The blockchain sleuth further noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most blatant examples.