ConstitutionDAO (PEOPLE) has recorded an impressive run for the first time since February 2022. However, data shows that whales might have manipulated the asset.
PEOPLE rallies 120% in the past 24 hours and is currently trading at $0.029. Meanwhile, the asset’s market cap surges to $146 million, making it the 295th-largest digital currency, and with it speculation that whale activity may be behind the latest moves.
Data shows that ConstitutionDAO’s daily trading volume has recorded an impressive 13,750% rally, reaching $1.35 billion.
According to data provided by Santiment, the amount of PEOPLE tokens flowing into the exchanges rose from around $300,000 to roughly $184 million. The amount of tokens drifting out of the exchanges also recorded a massive rally — increasing from $4.6 million to $203 million in just 24 hours.
This shows a net outflow of roughly $19 million worth of the ConstitutionDAO coins from exchanges to self-custodial wallets.
On the other hand, whales have completed 34 transactions consisting of at least $100,000 worth of PEOPLE tokens for the first time in over a year, according to Santiment data. High volatility is usually expected when an asset’s whale activity suddenly surges.
Notably, five whales holding between 100 million and 1 billion PEOPLE coins are currently controlling over 50% of the ConstitutionDAO’s total supply, per Santiment. There are also 20 whales holding between 10 million and 100 million coins, according to the data provider.
Following the recent movements, ConstitutionDAO’s Relative Strength Index (RSI) rose from 55 to 81 over the past 24 hours. This suggests that the asset could be overheated and there could be potential whale manipulation at play.
For the PEOPLE token to stay bullish, its RSI would need to cool down and drop below the 60 mark.
The decentralized autonomous organization (DAO) was developed in November 2021 and raised over $42 million to purchase an original physical copy of the United States Constitution.
Source: https://crypto.news/constitutiondao-rallies-120-on-the-heels-of-concerted-whale-activity/