Blockchain Investigator Alleges RaveDAO Has Knowledge of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has accused the RaveDAO team of being aware of the individual or entity responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a sharp decline. The investigator cited questionable activity on centralized cryptocurrency exchanges as evidence, contradicting RaveDAO's claims of not being involved in the price movement. The token's price had risen from $0.25 to $27.33 in just nine days, only to drop by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. The current price of the token is around $0.67. ZachXBT also pointed out a transfer of roughly $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, resulting in a 40% price drop. The investigator expressed skepticism about RaveDAO's statements, given the concentrated supply and the team's handling of the initial distribution. The incident has raised questions about the possibility of price manipulation on major centralized exchanges, with ZachXBT stating that it is unlikely the exchanges did not detect the significant price movements.