RaveDAO Accused of Knowing the Identity of Its Token Price Manipulator

A renowned blockchain sleuth, ZachXBT, has come forward with allegations that the team behind RaveDAO is privy to information about the individual or entity responsible for the drastic manipulation of its token's price. This claim comes on the heels of an astonishing 11,000% surge in the token's value, followed by a precipitous collapse. ZachXBT cited suspicious activity on centralized crypto exchanges, which he believes contradicts recent statements made by RaveDAO. The investigator pointed to a specific transfer of approximately $23 million worth of tokens from a RAVE address 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, arguing that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they are unaware of the party responsible. The RaveDAO token's price had risen from $0.25 to $27.33 in just nine days, only to plummet by over 90% and lose around $5.7 billion in market capitalization within 48 hours. The current price hovers around $0.67. ZachXBT also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather the most blatant example.