RaveDAO Denies Involvement in RAVE Token Price Fluctuations

RaveDAO, a cryptocurrency project, has denied any role in the recent price fluctuations of its RAVE token.

The project's denial comes as major crypto exchanges Binance and Bitget have launched investigations into trading activity following allegations of market manipulation.

According to onchain investigator ZachXBT, more than 90% of the token supply may be controlled by insiders, which he claims is a key indicator of a pump-and-dump scheme.

RaveDAO has stated that it was not engaged in nor responsible for recent price action, but the investigation is ongoing and the outcome remains uncertain.