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 group responsible for the significant manipulation of its token's price. The token in question experienced an unprecedented 11,000% surge, only to plummet shortly after. ZachXBT cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which seems to contradict the team's recent statements denying any involvement in the price manipulation. The investigator highlighted 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 had previously stated that they were not engaged in or responsible for the recent price action. However, ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely that they do not know who is responsible for the manipulation. The RaveDAO token's price had increased from about $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing nearly 90% of its value in 48 hours. The current price of the token is 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 blatant examples.