RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has come forward with claims 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 exchanges linked to RaveDAO team addresses as evidence. This revelation contradicts RaveDAO's recent statements denying any involvement in or knowledge of the price manipulation. The RaveDAO token's market capitalization skyrocketed from $60 million to $6 billion in just nine days, only to drop back down, losing approximately $5.7 billion in market capitalization over 48 hours. The current price of the token hovers 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, which caused the price to drop 40%. The investigator expressed skepticism about RaveDAO's claims of ignorance, stating that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they do not know who is responsible for the price action. Furthermore, ZachXBT noted that this is not an isolated incident, as similar manipulation has been observed on major centralized exchanges, with the RAVE token case being the most blatant example.