A prominent blockchain investigator, ZachXBT, claimed on Sunday 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. ZachXBT cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. The investigator highlighted a transfer of approximately $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO previously denied any involvement in the price manipulation, stating they were aware of the rumors but not responsible.
However, ZachXBT argued that given the concentrated supply, the team must know who is behind the price action. The investigator expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, especially considering the team's handling of the initial distribution. The RaveDAO token's price currently stands at around $0.67 after losing nearly $5.7 billion in market capitalization.
The investigator also noted that RAVE is not the only token with suspected manipulation on major centralized exchanges, but its case is the most blatant.