A cryptocurrency investigator, ZachXBT, has claimed that the team behind RaveDAO is aware of the individual or entity responsible for the significant manipulation of its token's price. The token experienced an unprecedented 11,000% price surge, followed by a drastic collapse. ZachXBT pointed to suspicious activity on centralized exchanges linked to RaveDAO team addresses, contradicting the team's recent statements. The investigator identified a transfer of approximately $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 argued that given the concentrated supply, the team must be aware of the party responsible. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plummeting over 90% to around $0.67.
The investigator expressed skepticism about the organic growth of the token's price and questioned the likelihood that the team was unaware of the manipulator's identity. 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.