ConstitutionDAO, a decentralized autonomous organization (DAO) that ceased operations in late 2021 after failing to bid for a copy of the U.S. Constitution, has seen its governance token $PEOPLE surge dramatically this week. The token recorded a 47.1% gain in the past 24 hours, sparking widespread community interest.
$PEOPLE's Meteoric Rise
Price Action:
- Peaked at $0.07294 (up 590%) on June 3, marking its highest level since April 2022.
- Currently trading at $0.04306 (as of June 6), with a 212.8% weekly increase.
Historical Context:
- Despite ConstitutionDAO's shutdown in November 2021, $PEOPLE has experienced multiple price rallies, raising questions about the token's utility and market drivers.
Whale Activity Suspected
Analysts from Crypto.News and Santiment data suggest coordinated whale maneuvers may be behind the rally:
Exchange Flows:
- Inflows surged from $300K** to **$184M, while outflows jumped from $4.6M** to **$203M within 24 hours, indicating $19M net movement to self-custody wallets.
Whale Transactions:
- 34 large transactions (each ≥$100K) occurred—the first such activity in over a year.
- Five whales holding 100M–1B $PEOPLE control 50%+ of the supply, with 20 others holding 10M–100M tokens.
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Key Takeaways
- Utility vs. Speculation: With ConstitutionDAO defunct, $PEOPLE trades purely on speculative demand.
- Market Caution: High volatility underscores risks—investors should exercise due diligence.
FAQs
Q: Why is $PEOPLE rising despite ConstitutionDAO's shutdown?
A: The surge appears driven by whale accumulation and speculative trading, not project fundamentals.
Q: Who holds most $PEOPLE tokens?
A: A small group of whales controls over 50% of the supply, increasing price manipulation risks.
Q: Is $PEOPLE a good investment now?
A: Extreme volatility and lack of utility make it high-risk. Short-term trades may benefit, but long-term value is uncertain.
For deeper insights, check our analysis on DAO tokens 👉 here.
Disclaimer: Cryptocurrency investments are risky. This content is for informational purposes only.
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