Blockchain sleuth ZachXBT wrote on Sunday that the team behind RaveDAO at least knows who manipulated the price of its token, which soared an incredible 11,000% before collapsing almost immediately.
“I discovered suspicious CEX (Centralized Cryptocurrency Exchange) activity on April 26th associated with the RaveDAO team’s on-chain addresses, which may contradict their recent statements,” the blockchain investigator said.
In another post, ZachXBT flagged transfers from the RAVE address used by RaveDAO for “initial distribution,” in which approximately $23 million worth of tokens were transferred to two Bitget deposit addresses, causing the price to drop 40% from $1 to $0.6.
As previously reported by CoinDesk, RaveDAO published a six-part
However, ZachXBT said that “given the concentration of supply, the team at least knows who is responsible for this price movement.”
In another X post, the investigator stated, “Do you expect the community to believe that RAVE organically reached the $60M -> $6B market cap in 9 days with virtually no utility? Considering your team handled the initial allocation with lower circulation, it’s unlikely that you don’t know the party responsible for this.”
The RaveDAO token rose nearly 11,000% from about $0.25 to $27.33 in nine days before plummeting more than 90%, losing about $5.7 billion in market cap in just 48 hours. Its price is currently hovering around $0.67.
The detective also said that RAVE is not “the only rigged token we’ve seen on major centralized exchanges. It’s just the most blatant one.” He also stated that it is unlikely that CEX did not detect the large fluctuations in the price of the $RAVE token.
