Blockchain sleuth accuses RaveDAO of knowing who manipulated the price of its token
The on-chain sleuth cited “suspicious” exchange-linked activity as RAVE swung from $60 million in market capitalization to $6 billion and back.
What to know:
- Blockchain investigator ZachXBT alleges that the RaveDAO team is at least aware of who manipulated its RAVE token, which surged 11,000% before crashing more than 90%.
- He says on-chain links between RaveDAO team addresses and suspicious centralized exchange activity contradict the project’s public denials of involvement in the token’s extreme price action.
- The RAVE token’s market value reportedly jumped from about $60 million to $6 billion in nine days before losing roughly $5.7 billion in 48 hours, which ZachXBT calls highly unlikely to have occurred organically.
In a separate post, ZachXBT flagged a transfer from a RAVE address used for “initial distribution” by RaveDAO from which roughly $23 million worth of tokens were transferred to two Bitget deposit addresses causing the price to drop 40% from $1 to $0.6.
RaveDAO posted a six-part X thread on Saturday, previously reported by CoinDesk, stating “we are aware of the rumors and accusations circulating regarding $RAVE and the RaveDAO team. We want to be clear: RaveDAO team is not engaged in, nor responsible for, recent price action.”
However, ZachXBT said, “given the supply concentration, the team at minimum knows who is responsible for this price action.”
In a separate X post, the investigator said, “you expect the community to believe RAVE went $60M -> $6B mkt cap organically in nine days with little to no utility? Considering your team handled the initial distribution with a low float it’s unlikely you do not know the party responsible for it.”
