RaveDAO Accused of Being Aware of Token Price Manipulation by Blockchain Investigator

A blockchain investigator, ZachXBT, has come forward claiming that the team behind RaveDAO is aware of the individual responsible for manipulating the price of its token, which experienced an unprecedented 11,000% surge before plummeting. The investigator cited suspicious activity on centralized exchanges linked to RaveDAO team addresses, which seems to contradict the team's recent statements denying involvement in the price volatility. The RaveDAO token's price skyrocketed from $0.25 to $27.33 in nine days, only to drop by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. The current price of the token is around $0.67. ZachXBT also highlighted a transfer of roughly $23 million worth of tokens from a RAVE address to two Bitget deposit addresses, resulting in a 40% price drop. The investigator expressed skepticism about RaveDAO's claims, stating that given the supply concentration, the team must be aware of who is responsible for the price manipulation. The incident has raised questions about the lack of utility and the unlikely organic growth of the token's market capitalization from $60 million to $6 billion in just nine days.