RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, 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% increase in the token's price, which was then followed by a drastic collapse. The investigator highlighted suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, which may contradict the team's recent public statements denying any involvement in the price manipulation. The team had previously stated that they were not engaged in nor responsible for the recent price action of their token. However, given the concentrated supply of the token and the team's handling of the initial distribution, ZachXBT argues that it is unlikely the team does not know who is responsible for the price action. The RaveDAO token had seen an unprecedented rise from about $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion from $60 million, before plummeting over 90% and losing approximately $5.7 billion in market capitalization within 48 hours. The token's current price hovers around $0.67. The investigator also noted that this is not an isolated incident of manipulation on major centralized exchanges, but rather one of the most blatant cases.