ConstitutionDAO (PEOPLE) has experienced a remarkable surge for the first time since February 2022. However, there are indications that whales may have influenced the asset’s movement.
PEOPLE has seen a 120% increase in value in the last 24 hours, currently trading at $0.029. The market cap of the asset has also soared to $146 million, positioning it as the 295th largest digital currency. Speculation is rife that whale activity could be driving these recent fluctuations.
Data from Santiment reveals that ConstitutionDAO’s daily trading volume has skyrocketed by an impressive 13,750%, reaching $1.35 billion.
Santiment data further shows a significant increase in the amount of PEOPLE tokens being moved into exchanges, jumping from around $300,000 to approximately $184 million. Similarly, the outflow of tokens from exchanges has surged from $4.6 million to $203 million within a day.
This results in a net outflow of about $19 million worth of ConstitutionDAO coins from exchanges to self-custodial wallets. Additionally, Santiment data indicates that whales have conducted 34 transactions involving at least $100,000 worth of PEOPLE tokens for the first time in over a year, suggesting heightened volatility due to increased whale activity.
Currently, five whales holding between 100 million and 1 billion PEOPLE coins control over 50% of the total supply of ConstitutionDAO, according to Santiment. There are also 20 whales holding between 10 million and 100 million coins.
With the recent surge in activity, ConstitutionDAO’s Relative Strength Index (RSI) has risen from 55 to 81 in the past day. This could indicate potential overheating of the asset and possible manipulation by whales. To sustain a bullish trend, the RSI of the PEOPLE token would need to cool down and fall below the 60 mark.
Established in November 2021, the decentralized autonomous organization (DAO) raised over $42 million to acquire an original physical copy of the United States Constitution.
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