The governance token of ConstitutionDAO, a decentralized autonomous organization that has been suspended indefinitely at the end of 2021 after failing to bid for a copy of the U.S. Constitution, has experienced a sharp rise this week, continuing to rise by 47.1% in the past 24 hours, attracting community attention.
(Previous summary: The token has only soared 280%, and ConstitutionDAO still announced that it will cease operations and refund contributors indefinitely)
(Background supplement: ConstitutionDAO was terminated, and PEOPLE soared by 240% to a new high! Is WTP suspected to be the inducement?)
ConstitutionDAO, a decentralized autonomous organization established in 2021 to bid for a copy of the U.S. Constitution at Sotheby’s, has seen a sharp rise in the price of its governance token $PEOPLE since the 3rd.
TradingView datashowthe price of $PEOPLE soared by more than 590% late at night on the 3rd, reaching a high of US$0.07294, setting the highest level since April 2022. It was reported at US$0.04306 before the deadline today (6th), and the price in the past 24 hours was US$0.04306. It rose 47.1%, and the increase in the past week was as high as 212.8%.
Source: Trading View
ConstitutionDAO has been suspended, but $PEOPLE is still rising many times
It is worth noting that ConstitutionDAO, which raised nearly $50 million in funds within days of its establishment, announced in November 2021 that it would permanently close and refund contributors indefinitely due to a failed bid for a copy of the constitution. The issued token PEOPLE has no practical use, but PEOPLE has still seen several sharp rises in the subsequent market. The strong rise that has occurred in recent days has also made the community curious about the reasons behind it.
Further reading: ConstitutionDAO 2.0 restart? Sotheby’s announces another auction of a copy of the U.S. Constitution, PEOPLE soars 25%
Suspected giant whale takes action
Crypto.News 4 daysreportit is suspected that PEOPLE’s surge may be a potential whale manipulation behavior.
According to Santiment data, the amount of PEOPLE tokens flowing into exchanges increased from approximately $300,000 to approximately $184 million. The number of tokens flowing out of exchanges also saw a significant spike, rising from $4.6 million to $203 million in just 24 hours, indicating a net outflow of approximately $19 million worth of ConstantDAO tokens from exchanges to self-hosted wallets .
On the other hand, whales completed 34 transactions for the first time in more than a year, including PEOPLE tokens worth at least $100,000, according to Santiment data. High volatility often occurs when there is a sudden surge in whale activity for an asset.
It is worth noting that five whales holding 100 million to 1 billion PEOPLE tokens still control more than 50% of the total supply of PEOPLE. In addition, there are 20 whales holding between 10 million and 100 million tokens.
The current $PEOPLE market is highly volatile, so readers are advised to pay attention to risk control.
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2024-01-06 11:18:14
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