Blockchain sleuth ZachXBT wrote on Sunday that the team behind RaveDAO is at least aware of who manipulated the price of its token, which saw an impossible 11,000% surge in price followed by an almost immediate crash.
“I found suspicious CEX (centralized crypto exchanges) activity on April 26 linked to RaveDAO team addresses on-chain, potentially contradicting their recent statements,” the blockchain researcher said.
In a separate post, ZachXBT flagged 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, causing the price to drop 40% from $1 to $0.6.
RaveDAO posted a six-part
However, ZachXBT said, “given the concentration of supply, the team, at a minimum, knows who is responsible for this price action.”
In a separate
The RaveDAO token, which rose nearly 11,000% in nine days, from approximately $0.25 to $27.33, then plummeted more than 90%, losing approximately $5.7 billion in market capitalization in just 48 hours. Its price is currently around $0.67.
The detective also said that RAVE is not the only manipulated token “we have seen on major centralized exchanges. It is simply the most egregious.” He also said that it was highly unlikely that the CEXs would miss the massive price movements of the $RAVE token.
