Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A blockchain investigator named ZachXBT has alleged that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. This claim comes after the RAVE token saw an unprecedented 11,000% increase in value, followed by a near-immediate collapse. The investigator pointed to suspicious activity on centralized exchanges tied to RaveDAO team addresses, which contradicts the team's recent statements denying involvement in the price manipulation. The RaveDAO team had stated that they were not responsible for the recent price action, but ZachXBT argues that given the concentrated supply of the token, the team must at least know who is responsible. The investigator also 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 RAVE token's price currently stands at around $0.67, after increasing from $0.25 to $27.33 in just nine days and then plummeting by over 90%.