RaveDAO Accused of Knowing Identity of Token Price Manipulator

A prominent blockchain sleuth, ZachXBT, has come forward with allegations that the RaveDAO team is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before plummeting. The investigator pointed to suspicious activity on centralized cryptocurrency exchanges, specifically a transfer of $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, resulting in a 40% price drop. Despite RaveDAO's assertions that they are not engaged in or responsible for the recent price action, ZachXBT argues that the team must be aware of the party responsible due to the concentrated supply and their handling of the initial distribution. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, reaching a market capitalization of $6 billion, before losing approximately $5.7 billion in value over the course of 48 hours. The token currently trades at around $0.67. The investigator also noted that RAVE is not an isolated case of token manipulation on major centralized exchanges, but rather one of the most egregious examples.