A blockchain sleuth has come forward with allegations that the RaveDAO team is aware of the identity 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. The investigator, ZachXBT, pointed to suspicious activity on centralized exchanges tied to RaveDAO team addresses, which he believes contradicts the team's recent statements denying involvement in the price manipulation.
The token's price skyrocketed from $0.25 to $27.33 in just nine days, only to plummet by over 90% and lose approximately $5.7 billion in market capitalization within 48 hours. ZachXBT argued that given the concentrated supply of the token, it is unlikely that the team is unaware of the party responsible for the price action. The investigator also highlighted a transfer of roughly $23 million worth of tokens from a RaveDAO address to two Bitget deposit addresses, which caused the price to drop by 40%. The RaveDAO team had previously stated that they were not engaged in or responsible for the recent price action, but ZachXBT remains skeptical, suggesting that the community should not believe that the token's price increased organically from $60 million to $6 billion in just nine days with little to no utility.