RaveDAO Accused of Complicity in Massive Token Price Manipulation

The RaveDAO project is facing serious allegations of price manipulation after its native token experienced an extreme volatility cycle, skyrocketing from $0.25 to $27.33 before collapsing. The token's market capitalization surged from $60 million to $6 billion in just nine days, only to lose $5.7 billion in value within a 48-hour window. Blockchain investigator ZachXBT has publicly challenged the team's denials, suggesting that the project's low float and supply concentration make it nearly impossible for the developers to be unaware of the parties responsible for the price action. The investigator claims that the organic growth of such a valuation with minimal utility is highly improbable. According to the investigator, suspicious activity on centralized exchanges (CEXs) on April 26 is linked to RaveDAO team addresses. Specifically, a transfer of approximately $23 million in tokens from an initial distribution address to two Bitget deposit addresses triggered a 40% price drop, sending the token from $1.00 down to $0.60. While RaveDAO has issued a formal denial via a social media thread, claiming no involvement in the price action, ZachXBT argues that the blatant nature of the movements should have been flagged by the exchanges involved. The token currently trades around $0.67, reflecting a near-total loss of its peak valuation.