A prominent blockchain sleuth, ZachXBT, has come forward with allegations that the RaveDAO team is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a drastic collapse. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price movement. The token's price skyrocketed from $0.25 to $27.33 in just nine days, only to plummet by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours.
The current price hovers around $0.67. ZachXBT pointed out that given the concentrated supply, it is unlikely the team does not know who is responsible for the price action, and expressed skepticism about the team's claims of not being engaged in the recent price action. The investigator also noted that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token's case is the most blatant.