Investigator Alleges RaveDAO Aware of Token Price Manipulation

A renowned blockchain sleuth, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. This claim follows an extraordinary 11,000% price surge, which was then promptly followed by a drastic collapse. The investigator cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence. This activity occurred on April 26 and appears to contradict recent statements made by RaveDAO. In these statements, the team claimed they were not engaged in, nor responsible for, the recent price action of their token. However, the sleuth argues that given the concentrated supply of the token, it is improbable that the team does not know who is behind the manipulation. The RaveDAO token experienced an unprecedented increase in value, rising from approximately $0.25 to $27.33 in just nine days, which then plummeted by over 90%. This resulted in a loss of around $5.7 billion in market capitalization within a mere 48 hours. The current price of the token is hovering around $0.67. The investigator also highlighted that RAVE is not an isolated case of token manipulation on major centralized exchanges, suggesting that such activities are more common than acknowledged.