RaveDAO Accused of Knowing About Token Price Manipulation by Blockchain Investigator

A prominent blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individuals responsible for the significant manipulation of its token's price. The token experienced an unprecedented 11,000% surge, only to plummet by over 90% shortly after. ZachXBT cited suspicious activity on centralized exchanges tied to RaveDAO team addresses, contradicting the team's statements denying involvement in the price movements. The investigator highlighted a transfer of approximately $23 million worth of tokens to two Bitget deposit addresses, resulting in a 40% price drop. RaveDAO had previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT argued that given the concentrated supply, the team must at least be aware of who is responsible. The token's price currently stands at around $0.67, after increasing from $0.25 to $27.33 in just nine days, and then losing roughly $5.7 billion in market capitalization in 48 hours. The investigator also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is the most blatant.