ZachXBT alleged that RaveDAO is at least aware of who manipulated its RAVE token following an extreme price surge and collapse.
The token reportedly rose from around $60 million to $6 billion in market value within nine days before losing roughly $5.7 billion in just 48 hours.
“I found suspicious CEX activity tied to RaveDAO team addresses onchain,”
ZachXBT said, pointing to exchange-linked transactions that may contradict the project’s denials.
Onchain data highlighted transfers of roughly $23 million worth of tokens from a distribution wallet to exchange deposit addresses, coinciding with sharp price declines.
RaveDAO has denied involvement, stating it was not responsible for the token’s price movements despite growing scrutiny.
ZachXBT argued that the token’s concentrated supply makes it unlikely the team is unaware of who drove the price action.
The case adds to wider concerns about manipulation across newly launched tokens, particularly where low circulating supply and exchange activity can amplify price swings.
At the time of reporting, RaveDAO price was $1.43.