RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has alleged 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 before plummeting. The investigator cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, which may contradict the project's recent statements denying involvement in the price movement. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before dropping over 90% to around $0.67. ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, causing the price to drop 40%. The investigator expressed skepticism about RaveDAO's claims of not being responsible for the price action, given the high concentration of token supply and the team's handling of the initial distribution. The incident has raised questions about the lack of utility and the likelihood of such a significant price movement occurring organically.