Blockchain sleuth ZachXBT wrote on Sunday that the team behind RaveDAO is at least aware of who manipulated the price of its token, which saw an impossible 11,000% surge in price followed by a near immediate collapse.

“I found suspicious CEX (centralized crypto exchanges) activity on April 26 tied to RaveDAO team addresses onchain, which potentially contradicts their recent statements,” the blockchain investigator said.

In a separate post, ZachXBT flagged a transfer from a RAVE address used for “initial distribution” by RaveDAO from which roughly $23 million worth of tokens were transferred to two Bitget deposit addresses causing the price to drop 40% from $1 to $0.6.

RaveDAO posted a six-part X thread on Saturday, previously