A prominent blockchain investigator, ZachXBT, has come forward with allegations that the RaveDAO team is aware of the individual or entity responsible for manipulating the price of its token. The token in question saw an unprecedented 11,000% price increase, followed by a sharp decline.
ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements. The investigator pointed to a specific transfer of $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply, the team must be aware of who is responsible.
The token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plummeting over 90% in 48 hours. The current price hovers around $0.67.
ZachXBT also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is the most blatant.