Why Is ConstitutionDAO’s PEOPLE Price Up? Price Expected to Crash Again for These Reasons

The nearly abandoned governance token of ConstitutionDAO, $PEOPLE, mysteriously rallied over 70% recently, reaching $0.03 after months of minimal trading activity. However, multiple warning signs suggest the pump is unsustainable and the price could crash again soon.

Brief History of ConstitutionDAO
ConstitutionDAO formed in 2021 as a decentralized autonomous organization with the goal of crowdfunding to purchase a rare copy of the U.S. Constitution at auction. Despite raising over $40 million worth of Ethereum, ConstitutionDAO lost in the final bidding to billionaire Ken Griffin.

After the failed auction, ConstitutionDAO dissolved and refunded donations. The $PEOPLE token price crashed from highs of close to $0.20 down to below $0.008, SInce then it began to trade sideways.

Descending Channel Breakout
Some optimistic observers have noted the breakout from the long-term descending price channel as a potential bullish signal. For example, The Crypto Express tweeted that a retest of $0.015 could provide bullish confirmation.

However, the history of manipulation and lack of development activity around ConstitutionDAO suggests this breakout will ultimately fail.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

Warning Signs Point to Further Crashes

There are several warning signs indicating the 70% pump is likely just another bubble driven by short-term speculation and manipulation:

The Experiment Has Concluded
ConstitutionDAO already refunded donations from its failed auction attempt in late 2021, so there is no clear fundamental reason for investors to re-enter the $PEOPLE token.

Evidence of Manipulation
A 700% intraday spike yesterday that completely retraced suggests coordinated pumping. And DAOscope noted 5 whales owning 50% of supply.

Lack of Development
With the project finished, no further development justifies substantial investment demand for $PEOPLE, making the breakout unsustainable longer-term.

Given these major red flags, traders should exercise extreme caution when evaluating if ConstitutionDAO and $PEOPLE can truly restart its failed mission. The safest assumption is the token lacks fundamentals and backers to prevent another collapse.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.