Investigator Alleges RaveDAO Aware of Token Price Manipulation

A blockchain sleuth, ZachXBT, has come forward with claims that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token, which experienced an extraordinary 11,000% surge before rapidly collapsing. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses as evidence. This activity, which occurred on April 26, may contradict recent statements made by RaveDAO. In a series of posts, ZachXBT highlighted a transfer of approximately $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, stating that the team was not responsible for the recent price action. However, ZachXBT argues that given the concentrated supply of the token, it is unlikely that the team is unaware of who is responsible for the price manipulation. The investigator also expressed skepticism about the organic growth of the token's market capitalization from $60 million to $6 billion in just nine days, suggesting that it is improbable that the team does not know the party responsible for the manipulation. The RaveDAO token's price currently hovers around $0.67, after losing roughly $5.7 billion in market capitalization in 48 hours. ZachXBT also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is the most blatant, and it is highly unlikely that the exchanges did not detect the massive price movements.