Blockchain Investigator Accuses RaveDAO of Being Aware of Token Price Manipulation

A prominent blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge followed by a drastic collapse. ZachXBT cited suspicious activity on centralized cryptocurrency exchanges linked to RaveDAO team addresses, contradicting the team's recent statements. The investigator highlighted a transfer of approximately $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 had previously denied any involvement in the price manipulation, stating that the team was not responsible for the recent price action. However, ZachXBT argued that given the concentrated supply, the team must be aware of who is responsible for the price manipulation. The investigator expressed skepticism about the token's organic growth, given its low float and the team's handling of the initial distribution. The RaveDAO token's price currently stands at around $0.67, after increasing by nearly 11,000% in nine days and then plummeting by over 90%. The blockchain sleuth also noted that RAVE is not the only token to have experienced manipulation on major centralized exchanges, but its case is the most blatant, and it is unlikely that the exchanges did not detect the significant price movements.