Blockchain sleuth ZachXBT wrote on Sunday that the group behind RaveDAO is no less than conscious of who manipulated the worth of its token, which noticed an unimaginable 11,000% surge in worth adopted by a close to fast collapse.
“I discovered suspicious CEX (centralized crypto exchanges) exercise on April 26 tied to RaveDAO group addresses onchain, which probably contradicts their latest statements,” the blockchain investigator mentioned.
In a separate put up, ZachXBT flagged a switch from a $RAVE handle used for “preliminary distribution” by RaveDAO from which roughly $23 million value of tokens had been transferred to 2 Bitget deposit addresses inflicting the worth to drop 40% from $1 to $0.6.
RaveDAO posted a six-part X thread on Saturday, beforehand reported by CoinDesk, stating “we’re conscious of the rumors and accusations circulating concerning $RAVE and the RaveDAO group. We need to be clear: RaveDAO group shouldn’t be engaged in, nor liable for, latest worth motion.”
Nevertheless, ZachXBT mentioned, “given the provision focus, the group at minimal is aware of who’s liable for this worth motion.”
In a separate X put up, the investigator mentioned, “you anticipate the neighborhood to imagine $RAVE went $60M -> $6B mkt cap organically in 9 days with little to no utility? Contemplating your group dealt with the preliminary distribution with a low float it’s unlikely you have no idea the celebration liable for it.”
The RaveDAO token, which elevated by almost 11,000% in 9 days from about $0.25 to $27.33, then plunged by over 90%, shedding roughly $5.7 billion in market capitalization in simply 48 hours. Its worth at the moment hovers round $0.67.
The sleuth additionally mentioned $RAVE shouldn’t be the one token with manipulation “now we have seen on main centralized exchanges. It is simply probably the most blatant.” He additionally mentioned it was extremely unlikely the CEXs didn’t spot the large $RAVE token worth actions.
