RaveDAO Accused of Knowing Token Price Manipulator by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for the drastic manipulation of its token's price. This claim comes after the token experienced an unprecedented 11,000% surge, only to plummet shortly after. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which he believes contradicts the team's recent statements denying involvement in the price manipulation. The investigator highlighted a specific transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. Despite RaveDAO's assertions of not being engaged in or responsible for the recent price action, ZachXBT argues that given the concentrated supply, the team must at least be aware of who is behind the manipulation. The token's price skyrocketed from about $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before losing roughly $5.7 billion in value over the next 48 hours. The current price hovers around $0.67. The investigator also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most overt examples.