RaveDAO Accused of Knowing Token Price Manipulator by Blockchain Investigator

A renowned 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, which experienced an unprecedented 11,000% surge before plummeting. The investigator pointed to suspicious activity on centralized cryptocurrency exchanges linked to RaveDAO team addresses, contradicting the team's recent claims of innocence. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in just nine days, only to drop by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. The current price of the token is around $0.67. The investigator discovered a transfer of roughly $23 million worth of tokens from a RAVE address used for initial distribution to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO has denied any involvement in the price manipulation, but the investigator remains skeptical, citing the high concentration of token supply and the team's handling of initial distribution. The investigator also noted that this is not an isolated incident, suggesting that similar manipulation has occurred with other tokens on major centralized exchanges, and it is unlikely that these exchanges were unaware of the massive price movements.