Blockchain sleuth accuses RaveDAO of knowing who manipulated the price of its token

The on-chain sleuth cited "suspicious" exchange-linked enactment arsenic RAVE swung from $60 cardinal successful marketplace capitalization to $6 cardinal and back.

Apr 20, 2026, 3:16 p.m.

Blockchain sleuth ZachXBT wrote on Sunday that the squad down RaveDAO is astatine slightest alert of who manipulated the terms of its token, which saw an intolerable 11,000% surge successful terms followed by a adjacent contiguous collapse.

“I recovered suspicious CEX (centralized crypto exchanges) enactment connected April 26 tied to RaveDAO squad addresses onchain, which perchance contradicts their caller statements,” the blockchain researcher said.

In a separate post, ZachXBT flagged a transportation from a RAVE code utilized for “initial distribution” by RaveDAO from which astir $23 cardinal worthy of tokens were transferred to 2 Bitget deposit addresses causing the terms to driblet 40% from $1 to $0.6.

RaveDAO posted a six-part X thread connected Saturday, antecedently reported by CoinDesk, stating “we are alert of the rumors and accusations circulating regarding $RAVE and the RaveDAO team. We privation to beryllium clear: RaveDAO squad is not engaged in, nor liable for, caller terms action.”

However, ZachXBT said, “given the proviso concentration, the squad astatine minimum knows who is liable for this terms action.”

In a abstracted X post, the researcher said, “you expect the assemblage to judge RAVE went $60M -> $6B mkt headdress organically successful 9 days with small to nary utility? Considering your squad handled the archetypal organisation with a debased interval it’s improbable you bash not cognize the enactment liable for it.”

The RaveDAO token, which accrued by astir 11,000% successful 9 days from astir $0.25 to $27.33, past plunged by implicit 90%, losing astir $5.7 cardinal successful marketplace capitalization successful conscionable 48 hours. Its terms presently hovers astir $0.67.

The sleuth also said RAVE is not the lone token with manipulation “we person seen connected large centralized exchanges. It's conscionable the astir blatant.” He besides said it was highly improbable the CEXs did not spot the monolithic $RAVE token terms movements.