Following today’s drop in the RAVE token price, developers have responded to allegations of manipulation.

While allegations of market manipulation targeting the RaveDAO ($RAVE) token remain in the spotlight, the project’s development team has issued a comprehensive response. In their statement, RaveDAO denied any connection between the recent price movements and the team.

The statement read, “We are aware of the rumors circulating about the $RAVE and RaveDAO team. To be clear, the team was not involved in and is not responsible for the recent price movements.” Project officials claimed that they value transparency and that their primary goal is to increase the mass adoption of Web3 through live events.

RaveDAO, stating that they are operating with a long-term vision, also announced that they are working on new models that will link team incentives to ecosystem growth. In this context, they stated that price or performance-based lock-up mechanisms are being evaluated. On the other hand, the team explicitly acknowledged that they may sell a portion of their unlocked tokens periodically to cover operational expenses, global recruitment, marketing, and strategic acquisitions.

However, the controversies don’t end there. Some allegations regarding RaveDAO have raised questions about the identity of those behind the project. According to these allegations, while the MiCA application lists “Wildwood Xu” as the project manager, there are past records on different platforms linked to the name “Yemu Xu.” Furthermore, it is claimed that Yemu Xu is presented as the founder of RaveDAO in some event organizations and media content, while only the name “Wildwood” is used in some exchange listings.

*This is not investment advice.