A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a sharp decline. The investigator pointed to suspicious activity on centralized cryptocurrency exchanges linked to RaveDAO team addresses, contradicting the team's recent statements. The RaveDAO team had previously denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply of the token, the team must be aware of the party responsible. The token's price had risen from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before plummeting by over 90% and losing approximately $5.7 billion in market capitalization.
The investigator also noted that this is not an isolated incident, suggesting that similar manipulation has occurred with other tokens on major centralized exchanges.