ConstitutionDAO surges by 120% following coordinated whale actions
ConstitutionDAO (PEOPLE) has experienced a remarkable surge for the first time since February 2022. However, data indicates that whales may have influenced the asset’s performance.
Over the past 24 hours, PEOPLE has rallied by 120% and is currently being traded at $0.029. In addition, the asset’s market cap has surged to $146 million, making it the 295th-largest digital currency. This has led to speculation that whale activity may be the driving force behind these recent movements.
According to Santiment, ConstitutionDAO’s daily trading volume has witnessed an impressive rally of 13,750%, reaching $1.35 billion. The data also reveals that the amount of PEOPLE tokens flowing into exchanges has increased from around $300,000 to approximately $184 million. Similarly, the amount of tokens leaving exchanges has experienced a significant surge, rising from $4.6 million to $203 million in just 24 hours.
As a result, there has been a net outflow of approximately $19 million worth of ConstitutionDAO coins from exchanges to self-custodial wallets.
Furthermore, Santiment data indicates that whales have carried out 34 transactions involving at least $100,000 worth of PEOPLE tokens for the first time in over a year. It is common for high volatility to occur when an asset’s whale activity suddenly surges.
Significantly, Santiment reports that five whales currently hold between 100 million and 1 billion PEOPLE coins, controlling over 50% of ConstitutionDAO’s total supply. Additionally, there are 20 whales holding between 10 million and 100 million coins.
Following these recent movements, ConstitutionDAO’s Relative Strength Index (RSI) has risen from 55 to 81 in the past 24 hours. This suggests that the asset may be overheated, and there could be potential whale manipulation at play.
In order for the PEOPLE token to maintain its bullish trend, its RSI would need to cool down and drop below the 60 mark.
ConstitutionDAO, a decentralized autonomous organization (DAO), was established in November 2021 and raised more than $42 million to acquire an original physical copy of the United States Constitution.
