Blockchain Investigator Accuses RaveDAO of Knowing About Token Price Manipulation

A renowned blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or group responsible for manipulating the price of its token. This claim comes after the token experienced an unprecedented 11,000% surge in value, only to collapse shortly thereafter. The investigator cited suspicious activity on centralized crypto exchanges linked to RaveDAO team addresses as evidence. In a series of posts, ZachXBT 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 has denied any involvement in the price manipulation, but ZachXBT argues that given the concentrated supply and the team's handling of the initial distribution, it is unlikely they are unaware 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% and losing $5.7 billion in market capitalization in just 48 hours. The investigator believes this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, with the RAVE token's case being the most blatant.