A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge in value, only to collapse shortly after. The investigator cited suspicious activity on centralized cryptocurrency exchanges linked to RaveDAO team addresses, contradicting the team's recent statements denying involvement in the price manipulation.
The RaveDAO team had previously stated that they were not engaged in, nor responsible for, the recent price action, but ZachXBT argues that given the concentrated supply of the token, the team must at least be aware of who is responsible for the manipulation. 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 expressed skepticism that the price movement was organic, given the token's low utility and the team's handling of the initial distribution. Furthermore, ZachXBT noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but rather the most blatant example.