"RaveDAO, the Web3 music and entertainment protocol, has denied allegations of market manipulation following a catastrophic week that saw its native token, RAVE, lose nearly 95% of its value. The project's response comes as the token, which peaked at an all-time high of $28.90 just days ago, is now trading at approximately $1.24, effectively wiping out billions in paper wealth and triggering investigations by major exchanges."
"In a statement posted to the X platform, RaveDAO distanced itself from the extreme price action that saw the token surge 10,000% before crashing. We want to make it clear that the RaveDAO team is not involved in the high volatility of the RAVE token price and is not responsible for the recent price fluctuations, the statement read."
"RaveDAO also reiterated its commitment to philanthropy, noting that it continues to donate 20% of all event profits to social causes, such as funding eye surgeries in remote regions of Nepal. Despite the team's denial, the crypto community remains skeptical."
RaveDAO has rejected allegations of market manipulation following a significant drop in the value of its RAVE token, which fell nearly 95%. The token, which had recently surged to an all-time high of $28.90, is now trading at approximately $1.24. RaveDAO emphasized its commitment to Web3 offline events and philanthropy, including funding surgeries in Nepal. Despite the team's denials, skepticism remains within the crypto community, prompting investigations by major exchanges into the token's price volatility and insider supply concentration.
Read at news.bitcoin.com
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