ConstitutionDAO (PEOPLE) recorded its first impressive rise since February 2022. However, data also suggests that whales may have manipulated the assets.
PEOPLE is up 120% in the last 24 hours and is currently trading at $0.029. Meanwhile, the asset’s market capitalization has surged to $146 million, making it the 295th largest digital currency, and there is speculation that whale activity could be behind its recent moves.
According to the data, ConstitutionDAO’s daily trading volume recorded a remarkable 13,750% increase, reaching $1.35 billion.
According to data provided by Santiment, the amount of PEOPLE tokens flowing into exchanges increased from approximately $300,000 to approximately $184 million. The amount of tokens flowing out of the exchange also recorded a huge rally, increasing from $4.6 million to $203 million in just 24 hours.
This shows a net outflow of approximately $19 million worth of ConstitutionDAO coins from exchanges to self-managed wallets.
Meanwhile, according to Santiment data, whales completed 34 transactions consisting of at least $100,000 worth of PEOPLE tokens, the first in over a year. When there is a sudden surge in whale activity in an asset, high volatility is usually expected.
In particular, five whales holding between 100 and 1 billion PEOPLE coins currently control more than 50% of ConstitutionDAO’s total supply, according to Santiment. According to the data provider, there are also 20 whales holding between 10 and 100 million coins.
Following recent movements, ConstitutionDAO’s Relative Strength Index (RSI) rose from 55 to 81 in the last 24 hours. This means assets can overheat and there is potential whale manipulation.
For the PEOPLE token to remain bullish, RSI needs to cool down and fall below 60.
The Decentralized Autonomous Organization (DAO) was developed in November 2021 and has raised over $42 million to purchase an original physical copy of the United States Constitution.