A prominent blockchain investigator, ZachXBT, has alleged that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token. This claim comes after RAVE's market capitalization skyrocketed from $60 million to $6 billion and then plummeted back down. ZachXBT cited suspicious activity on centralized crypto exchanges tied to RaveDAO team addresses as evidence. The investigator discovered a transfer of approximately $23 million worth of tokens from a RAVE address 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, the team must know who is responsible. The RaveDAO token had experienced an unprecedented 11,000% increase in nine days, only to lose nearly 90% of its value in 48 hours. The investigator also expressed skepticism that major centralized exchanges did not detect the massive price movements, suggesting that similar manipulation may have occurred with other tokens.