Blockchain Investigator Accuses RaveDAO of Price Manipulation Knowledge
Blockchain sleuth accuses RaveDAO of knowing who manipulated the price of its token
Coindesk
Image: Coindesk
Blockchain investigator ZachXBT claims that RaveDAO is aware of who manipulated the price of its RAVE token, which experienced an unprecedented surge of 11,000% before crashing. The token's market cap skyrocketed from $60 million to $6 billion and then plummeted back, raising suspicions about the project's transparency.
- 01ZachXBT alleges RaveDAO knew about price manipulation of its RAVE token.
- 02The token's market cap surged from $60 million to $6 billion in nine days.
- 03RAVE's price dropped over 90%, losing approximately $5.7 billion in market cap.
- 04RaveDAO denies involvement in the price fluctuations despite evidence presented.
- 05ZachXBT highlights suspicious activity linked to centralized exchanges.
Advertisement
In-Article Ad
Blockchain investigator ZachXBT has accused the RaveDAO team of being aware of the manipulation behind the price of its RAVE token. The token's market capitalization soared from $60 million to $6 billion within nine days, only to crash by over 90%, resulting in a loss of approximately $5.7 billion. ZachXBT pointed to suspicious activity involving centralized exchanges, claiming that the extreme price movements are unlikely to have occurred organically. In a recent post, he noted that a transfer of $23 million worth of tokens from a RAVE address to two deposit addresses on Bitget caused a significant price drop. Despite RaveDAO's public denials of involvement in the token's price action, ZachXBT argues that the concentration of supply indicates the team must know who is responsible for the manipulation. He further stated that RAVE is not the only token facing such issues, but it is the most blatant case observed on major centralized exchanges.
Advertisement
In-Article Ad
Advertisement
In-Article Ad
Reader Poll
Do you believe RaveDAO is responsible for the price manipulation of its token?
Connecting to poll...
More about RaveDAO
Read the original article
Visit the source for the complete story.






