A blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for the significant manipulation of its token's price. This claim stems from an extraordinary 11,000% price increase, followed by a rapid decline. The investigator highlighted suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses, contradicting the team's recent statements.
RaveDAO had previously denied any involvement in the price movements, stating they were not engaged in nor responsible for the recent price action. However, ZachXBT argues that given the concentrated supply, it is unlikely the team does not know who is responsible. The RaveDAO token experienced a dramatic rise from $0.25 to $27.33 in nine days, reaching a market capitalization of $6 billion, before plummeting over 90% and losing approximately $5.7 billion in market capitalization within 48 hours.
The current price of the token is around $0.67. The investigator also expressed skepticism about the organic nature of the token's price movement, given its low float and the team's handling of the initial distribution. Furthermore, ZachXBT noted that this is not an isolated incident of token manipulation on major centralized exchanges, but rather one of the most blatant cases.