Blockchain sleuth ZachXBT wrote on Sunday that the workforce behind RaveDAO is not less than conscious of who manipulated the worth of its token, which noticed an unattainable 11,000% surge in value adopted by a close to rapid collapse.
“I discovered suspicious CEX (centralized crypto exchanges) exercise on April 26 tied to RaveDAO workforce addresses onchain, which doubtlessly contradicts their latest statements,” the blockchain investigator stated.
In a separate publish, ZachXBT flagged a switch from a RAVE handle used for “preliminary distribution” by RaveDAO from which roughly $23 million price of tokens have 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 workforce. We need to be clear: RaveDAO workforce isn’t engaged in, nor accountable for, latest value motion.”
Nevertheless, ZachXBT stated, “given the provision focus, the workforce at minimal is aware of who’s accountable for this value motion.”
In a separate X publish, the investigator stated, “you count on the group to imagine RAVE went $60M -> $6B mkt cap organically in 9 days with little to no utility? Contemplating your workforce dealt with the preliminary distribution with a low float it’s unlikely you have no idea the social gathering accountable 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%, dropping roughly $5.7 billion in market capitalization in simply 48 hours. Its value presently hovers round $0.67.
The sleuth additionally stated RAVE isn’t the one token with manipulation “we’ve got seen on main centralized exchanges. It is simply probably the most blatant.” He additionally stated it was extremely unlikely the CEXs didn’t spot the huge $RAVE token value actions.