Headline: Blockchain investigator accuses RaveDAO of knowing who drove its token’s 11,000% spike and collapse A prominent on-chain sleuth says the team behind RaveDAO likely knows who manipulated the token that rocketed almost 11,000% in nine days before collapsing just as fast. ZachXBT wrote on Sunday that he uncovered “suspicious CEX (centralized crypto exchanges) activity on April 26 tied to RaveDAO team addresses onchain,” activity he says could contradict RaveDAO’s public statements. In a follow-up post he pointed to a transfer from a RAVE address labeled for “initial distribution” that moved roughly $23 million worth of tokens to two Bitget deposit addresses — a flow of liquidity he links to a 40% price drop from $1 to $0.60. RaveDAO responded in a six-part thread on X on Saturday, which CoinDesk previously reported, saying: “we are aware of the rumors and accusations circulating regarding $RAVE and the RaveDAO team. We want to be clear: RaveDAO team is not engaged in, nor responsible for, recent price action.” ZachXBT rejected that denial as implausible given the token’s concentrated supply. “Given the supply concentration, the team at minimum knows who is responsible for this price action,” he wrote. He added that it is hard to believe RAVE “went $60M -> $6B mkt cap organically in nine days with little to no utility,” noting the team’s control of the initial distribution and a low float. The token’s trajectory was extreme: RAVE rose from roughly $0.25 to a peak near $27.33 — a gain of nearly 11,000% — and then plunged more than 90%, erasing about $5.7 billion in market capitalization within 48 hours. The price now trades around $0.67. ZachXBT also framed RAVE as a particularly blatant example of a broader issue. “RAVE is not the only token with manipulation we have seen on major centralized exchanges. It's just the most blatant,” he wrote, adding that it’s unlikely major CEXs did not notice such massive price swings. The allegations raise fresh questions about token distribution transparency, exchange monitoring of extreme moves, and accountability when sudden, outsized price action occurs on centralized platforms. RaveDAO’s denial and the on-chain evidence flagged by ZachXBT set the stage for closer scrutiny from the community and potentially regulators. Read more AI-generated news on: undefined/news