A prominent blockchain investigator, ZachXBT, has come forward with allegations that the team behind RaveDAO is aware of the individual or entity responsible for manipulating the price of its token, which experienced an extraordinary 11,000% surge followed by a rapid collapse. The investigator pointed to suspicious activity on centralized exchanges linked to RaveDAO team addresses, contradicting the team's recent statements. RaveDAO had previously denied any involvement in the price manipulation, but ZachXBT argued that given the concentrated supply of the token, it is unlikely that the team does not know who is responsible.
The token's price had risen from $0.25 to $27.33 in just nine days, before plummeting by over 90% and losing approximately $5.7 billion in market capitalization. The investigator also suggested that this is not an isolated incident, stating that similar manipulation has been seen on major centralized exchanges, but the RAVE token case is the most blatant.