Blockchain detective ZachXBT wrote on Sunday that the team behind RaveDAO at least knows who manipulated the price of its token, which saw an impossible 11,000% surge followed by an almost immediate collapse.
“I found suspicious CEX (centralized crypto exchanges) activity on April 26 related to RaveDAO team addresses on-chain, which potentially contradicts their recent statements,” the blockchain investigator said.
In a separate post, ZachXBT reported a transfer from a RAVE address used for “initial distribution” by RaveDAO, from which approximately $23 million worth of tokens were transferred to two Bitget deposit addresses, resulting in a 40% price drop from $1 to $0.6.
RaveDAO posted a six-part
However, ZachXBT said, “given the concentration of supply, at a minimum the team knows who is responsible for this price action.”
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The RaveDAO token, which rose nearly 11,000% in nine days from around $0.25 to $27.33, then plunged more than 90%, losing around $5.7 billion in market capitalization in just 48 hours. Its price is currently hovering around $0.67.
The detective also said that RAVE is not the only manipulated token “we’ve seen on major centralized exchanges. It’s just the most blatant.” He also said that it was very unlikely that CEXs would not have spotted the massive price movements of $RAVE tokens.
