Developers respond to manipulation allegations around the RAVE token

Cryptocurrency

Amid ongoing market manipulation allegations involving the RaveDAO ($RAVE) token, the project’s development team has issued a detailed response. In its statement, RaveDAO denied any connection between recent price fluctuations and the team’s actions.

The statement said: “We are aware of the rumors circulating about the $RAVE team and RaveDAO. To be clear, the team was not involved in the recent price movements and is not responsible for them.” The team emphasized its commitment to transparency and stated that its primary goal is to drive mass Web3 adoption through real-time events.

RaveDAO also outlined its long-term strategy, including the development of new models that align team incentives with ecosystem growth. In this context, mechanisms such as price-based or performance-based token lockups are being considered. At the same time, the team acknowledged that it may periodically sell a portion of unlocked tokens to cover operational expenses, global hiring, marketing, and strategic acquisitions.

However, the controversy continues. Some allegations question the identities of those behind the project. According to these claims, the MiCA filing lists “Wildwood Xu” as the project lead, while other platforms reference the name “Yemu Xu.” Additionally, Yemu Xu is reportedly presented as the founder of RaveDAO in certain event materials and media content, whereas some exchange listings only use the name “Wildwood.”

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#RaveDAO ($RAVE)

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